File #: Res 0529-2006    Version: * Name: Provide owners of NYC designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks.
Type: Resolution Status: Filed
Committee: Committee on Finance
On agenda: 9/27/2006
Enactment date: Law number:
Title: Resolution calling upon the State Legislature to introduce and adopt, and the Governor to sign, legislation which would provide owners of New York City designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks; or on the alternative, authorize New York City, acting through its local legislative body, to adopt and amend local laws which would provide owners of New York City designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks.
Sponsors: Diana Reyna, Tony Avella, Gale A. Brewer, Leroy G. Comrie, Jr., Simcha Felder, Vincent J. Gentile, Alan J. Gerson, Letitia James, John C. Liu, Michael C. Nelson, David I. Weprin, Melissa Mark-Viverito, Eric N. Gioia
Council Member Sponsors: 13
Attachments: 1. Cover Sheet

Res. No. 529

 

Resolution calling upon the State Legislature to introduce and adopt, and the Governor to sign, legislation which would provide owners of New York City designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks; or on the alternative, authorize New York City, acting through its local legislative body, to adopt and amend local laws which would provide owners of New York City designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks.

 

By Council Members Reyna, Avella, Brewer, Comrie, Felder, Gentile, Gerson, James, Liu, Nelson, Weprin, Mark-Viverito and Gioia

 

Whereas, Numerous private homes in New York City have been designated as historic landmarks; and                     

                     Whereas, Skyrocketing values in real estate caused the property taxes to increase as

well; and

 

                     Whereas, Many owners of historic landmarks take pride in the beauty and character of

 

their old homes; and

 

                     Whereas, To preserve and maintain the integrity of the historical landmark, costly

 

restorations and improvements are often needed; and

 

                     Whereas, Many owners of landmarks are reluctant to improve their properties because

 

of the resulting increase in property assessments because of such improvement; and

 

                     Whereas, Many landmark owners renovate their home without a prior consultation with

 

the New York City Landmarks Preservation Commission (“LPC”) to ensure compliance with

 

such  entity’s restoration rules; and

 

                     Whereas, Improvements to historic landmarks consistent with the LPC’s restoration

 

rules  will ensure that the integrity of the landmark will be maintained; and

 

                     Whereas, A property tax credit against property taxes owed by owners of historical

 

landmarks when they make LPC approved improvements to their home  will help maintain the

 

character of the property as a landmark; now, therefore, be it

 

                     Resolved, That the Council of the City of New York calls upon the State Legislature to introduce and adopt, and the Governor to sign, legislation which would provide owners of New York City designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks; or on the alternative, authorize New York City, acting through its local legislative body, to adopt and amend local laws which would

provide owners of New York City designated landmarks a tax credit against property taxes when such owners make improvements to such landmarks.

 

 

TT 08-16-06

LS # 916