NY A09135

Amends Real Property Tax Law Section 457, Subdivision 5 to extend the exemption deadline for first-time homebuyers of newly constructed homes from December 31, 2022 to December 31, 2028

Exemptions remain unavailable for newly constructed primary residential properties purchased by first-time homebuyers on or after December 31, 2028, unless a binding written contract was entered into prior to that date

First-time homebuyers who received exemptions prior to the deadline date may continue to receive further exemptions under the law

Takes effect immediately upon enactment