A Local Law to Amend Chapter 245 Taxation

LEGAL NOTICE - NOTICE OF PUBLIC HEARING

NOTICE IS HEREBY GIVEN, that there has been presented to the Town Board of the Town of Southold, Suffolk County, New York, on the 11th day of February, 2020, a Local Law entitled “A Local Law to Amend Chapter 245 Taxation, Article VI entitled “Exemption for War Veterans and Gold Star Parents” to Provide Property Tax Exemption for Veterans Who are Tenant -Stakeholders in Cooperative Apartment Corporations” and

NOTICE IS HEREBY FURTHER GIVEN that the Town Board of the Town of Southold will hold a public hearing on the aforesaid Local Law at Southold Town Hall, 53095 Main Road, Southold, New York, on the 25th day of February, 2020 at 4:30 p.m. at which time all interested persons will be given an opportunity to be heard.

The proposed Local Law entitled, “A Local Law to Amend Chapter 245 Taxation, Article VI entitled “Exemption for War Veterans and Gold Star Parents” to Provide Property Tax Exemption for Veterans Who are Tenant -Stakeholders in Cooperative Apartment Corporations” reads as follows:

LOCAL LAW NO.      2020

A Local Law entitled, “A Local Law to Amend Chapter 245 Taxation, Article VI entitled “Exemption for War Veterans and Gold Star Parents” to Provide Property Tax Exemption for Veterans Who are Tenant -Stakeholders in Cooperative Apartment Corporations”

BE IT ENACTED by the Town Board of the Town of Southold as follows:

I.    Purpose.

To allow those eligible veterans who are tenant stakeholders in cooperative apartment corporations to qualify for veteran’s exemptions pursuant to New York Reap Property Tax law section 458-a.

II.    $245-17  Tenant-stockholders. 

A.    Title to that portion of real property owned by a cooperative apartment corporation in which a tenant-stockholder of such corporation resides, and which is represented by his share or shares of stock in such corporation as determined by its or their proportional relationship to the total outstanding stock of the corporation, including that owned by the corporation, shall be deemed to be vested in such tenant-stockholder. 

B.    Provided that all other eligibility criteria of this chapter are met, that proportion of the assessment of such real property owned by a cooperative apartment corporation determined by the relationship of such real property vested in such tenant-stockholder to such entire parcel and the buildings thereon owned by such cooperative apartment corporation in which such tenant-stockholder resides shall be subject to exemption from taxation pursuant to local law against the assessed valuation of such real property; the reduction in real property taxes realized thereby shall be credited by the cooperative apartment corporation against the amount of such taxes otherwise payable by or chargeable to such tenant-stockholder. 

III.    SEVERABILITY

If any clause, sentence, paragraph, section, or part of this Local Law shall be adjudged by any court of competent jurisdiction to be invalid, the judgment shall not affect the validity of this law as a whole or any part thereof other than the part so decided to be unconstitutional or invalid.

IV.     EFFECTIVE DATE

This Local Law shall take effect immediately upon filing with the Secretary of State as provided by law.

Dated:  February 11, 2020                BY THE ORDER OF THE 

                            SOUTHOLD TOWN BOARD

                            Elizabeth A. Neville

                            Southold Town Clerk