News & Analysis as of September 18, 2024

Property Tax › Governor Cuomo

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Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction. However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities. less -

New York Expands Liability Provisions for New York Real Estate Transfer Tax

Katten Muchin Rosenman LLP on 5/26/2021

On April 19, Governor Andrew Cuomo signed into law the New York Budget Bill for the 2021-2022 state fiscal year (Senate Bill S2509C) (the New Budget Bill). The New Budget Bill contains a major change to the liability...more

N.Y.’s Real Estate Transfer Tax, The 2022 Budget, And Responsible Person Liability

Rivkin Radler LLP on 4/19/2021

Approximately two weeks ago, Gov. Cuomo and the New York State Legislature agreed upon a budget for the State’s 2021-2022 fiscal year. Although most businesses and their owners have understandably focused their attention on...more

COVID-19 IMPACT: Long Island Real Property Tax Alert (UPDATED)

Farrell Fritz, P.C. on 2/4/2021

Real Property Tax Payment Deadline – Nassau County General Tax Deadline has been extended to March 12. Governor Cuomo has issued a new Executive Order which extends the last day to pay first half Nassau County general taxes...more

New York Law Authorizing Taxation of Spent Nuclear Fuel Storage Facilities Raises Property Tax Issues for the U.S. Nuclear...

Pillsbury Winthrop Shaw Pittman LLP on 1/26/2021

A recent change in New York law requires local authorities to assess spent nuclear fuel storage facilities at permanently shutdown nuclear power plants as real property for ad valorem tax purposes. The legislation raises...more

COVID-19: Real Estate - The Revival of the New York Pied-À-Terre Tax

K&L Gates LLP on 8/25/2020

The economic shutdown triggered by the COVID-19 pandemic has resulted in an astonishing $14 billion budget deficit in New York, with projections of up to $30 billion by 2022, according to New York Governor Andrew Cuomo. In...more

New York Governor announces 2021 budget

Eversheds Sutherland (US) LLP on 1/29/2020

New York Governor Andrew Cuomo released his Fiscal Year 2021 budget and accompanying legislation on January 21, 2020 (the Budget Bill). Consistent with Governor Cuomo’s earlier promises, he has not proposed new taxes other...more

NYS Budget: The Impact of the Governor’s Proposals

Harris Beach PLLC on 1/22/2018

As New York state lawmakers prepare to learn details, schools and municipalities face impacts of Governor Andrew Cuomo’s 2019 spending plan. The State Budget, totaling $168.2 billion in spending calls for $100 billion in...more

Tax Reform: With Massive Overhaul Now Law, Prepayment Of 2018 Property Tax May Benefit New York Property Owners

Akerman LLP on 12/27/2017

On December 22, 2017, President Donald J. Trump signed the Tax Cuts and Jobs Act (Act), which beginning in 2018 caps at $10,000 the allowable deduction for payment of state and local income, sales, and property taxes. While...more

New York's 421-a Tax Exemption for New Residential Buildings is Back

Holland & Knight LLP on 4/18/2017

The New York State Legislature has passed and Gov. Andrew Cuomo has signed legislation re-establishing the 421-a Tax Exemption Program after a nearly two-year hiatus. The program, which was first put in place in the early...more

School Districts: New York State Amends Real Property Tax Law to Allow School Districts to "Charge Back" Tax Refunds to School...

Bond Schoeneck & King PLLC on 1/12/2015

On December 29, 2014, Governor Cuomo signed a law granting school districts the authority to "charge back" real property tax certiorari refunds to school district public libraries. Until now, school districts that levied real...more

Gov. Cuomo Signs Law Extending Real Property Tax Abatement for Solar Power Installation

Foley & Lardner LLP on 10/14/2014

Governor Cuomo has signed into law a bill that extends real property tax breaks for installing electricity-generating solar panels on New York City buildings effective September 23, 2014. ...more

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Property Tax › Governor Cuomo

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