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HomeMy WebLinkAboutLL-2025-No 3 NYS Property Tax Law Section 467-j – Restricted Sale Price Exemption for Housing Trust (Certified)Town of Danby, New York Local Law #3 of 2025 r i ! NYS Real Property Tax Law Section 467-j TOWEnacted April 212025 N OI NEW YQAK DANBY ( j i Resolution 130 of 2025 - Adoption of Local Law No. 3 of 2025 A Local Law Enacting the New York State Real Property Tax Law Section 467-j — Restricted Sale Price Exemption for Housing Trust WHEREAS, the Town Board of the Town of Danby wishes to encourage affordable housing, and WHEREAS, the New York State Legislature has adopted an exemption available to the taxing jurisdictions within Tompkins County that would be applicable to properties subject to an initially regulated housing trust, and I WHEREAS, without this exemption, the Department of Assessment is'r�quir�d to value these properties at their full -market value, including the full value of the land, and WHEREAS, the Town Board of the Town of Danby desires to provide an exemption that would be for the difference between the full market value and the restricted re -sale price of the improvement owned by the individual property owner, Now therefore be it RESOLVED, that this Local Law Enacting the New York State Real Property Tax Law Section 467-j - Restricted Sale Price Exemption for Housing Trust Houses is hereby adopted, RESOLVED, further, that the Town Clerk shall publish in the official newspaper of the Town a notice of adoption containing a synopsis of said local law and shall within twenty days file one certified copy in the Office of the County Clerk, and one copy with they SII cret4ry of State. Moved by Woodworth Vote: Connors Yes Hunter Yes Stein Yes Woodworth Yes Seconded by Connors Gagnon Yes Resolution 130 of 2025 passed on April 21, 2025 11Page Town of Danby, New York 1"OWN 01 D A P-My N1:W YORK I, Mariah Dillon, do hereby certify that the above local law was passed at a meeting of the Town of Danby Town Board held on April 21, 2025, is incorporated in the original minutes of said meeting, and that said resolution to approve Local Law 3 of 2025 has r 0been altered, amended, or revoked, and is in full force and effect. I Mariah Dillon, Town Clerk 2 1 P a g e