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A 6992

Relates to tax abatements for building owners in a city having a population of one million or more who complete exterior repairs

2025 Regular Session Introduced by Micah Lasher

A 6992 would create a property tax abatement for building owners in large cities (pop 1M+) who complete exterior repairs to their buildings.

REFERRED TO REAL PROPERTY TAXATION
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Bill Summary · A 6992

Summary of Assembly Bill A 6992

Overview

  • Bill number: A 6992
  • Title: Relates to tax abatements for building owners in a city having a population of one million or more who complete exterior repairs
  • Sponsor: Micah Lasher (primary)
  • Introduced: March 18, 2025
  • Status: Referred to the Real Property Taxation committee
  • Related: Senate companion S 6211 (listed as companion in multiple entries)

What the bill would do

Based on the title and status, A 6992 proposes creating or expanding a tax abatement program for building owners in a city with a population of one million or more (i.e., a large urban city) who complete exterior repairs to their buildings. The bill would authorize a reduction or exemption from property taxes tied to the exterior improvement work performed, subject to the criteria and specifications defined in the statute.

Note: The full text is not provided here, so specific details such as the exact abatement percentage, duration, eligible building types, definition of “exterior repairs,” application process, required approvals, and any limits or sunset provisions are not listed in this summary. The bill’s text would spell out these particulars.

Eligible participants and scope

  • Geographic scope: Buildings located in a city with a population of 1,000,000 or more.
  • Activity eligible for abatement: Exterior repairs or improvements to existing structures.
  • Targeted parties: Building owners within the eligible city.

Administrative and procedural aspects

  • Legislative action to date: Introduced and referred to the Real Property Taxation committee on March 18, 2025. The records show two identical committee referrals on the same date, which may reflect clerical duplication in the docket.
  • Administration: Presumably to be administered by the local or state tax assessor/financing authority as defined in the bill; further details would be in the enacted provisions.
  • Related legislation: Companion bill in the Senate, S 6211, indicating cross-chamber consideration.

Potential impact

  • For building owners: Potential reduction in property tax bills related to eligible exterior improvements, improving the financial viability of exterior rehabilitation projects.
  • For the city: Possible stimulation of exterior repairs and building condition, with potential ancillary benefits to aesthetics, property values, and neighborhood vitality.
  • For taxpayers: Possible shifts in tax revenues depending on abatement duration and cap, and on how quickly projects are completed and certified.

Next steps for readers

  • Monitor for the full bill text and any amendments or hearings in the Real Property Taxation committee.
  • Consider reviewing the companion Senate bill S 6211 for parallel provisions and timelines.
  • Building owners in the affected city may wish to prepare information on planned exterior repair projects to anticipate eligibility discussions and documentation requirements.

Note: This summary reflects information available from the bill’s basic metadata. The exact eligibility criteria, benefit amounts, duration, and implementation details will be defined in the enacted text.

Compiled from official sources — confirm details with the bill’s official record.

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