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NY S05040
Bill
Status
3/22/2021
Primary Sponsor
Kevin Parker
Click for details
AI Summary
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Increases homestead exemption from civil judgments to $250,000 for Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam counties (doubled from $150,000).
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Increases homestead exemption to $125,000 for Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster counties.
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Increases homestead exemption to $75,000 for all remaining counties in the state.
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Applies exemption increase to all homestead types: single-family dwellings, cooperative apartments, condominium units, and mobile homes owned and occupied as principal residences.
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Takes effect immediately upon enactment.
Legislative Description
Increases the value of homesteads which are exempt from civil judgments from one hundred fifty thousand to two hundred fifty thousand dollars.
Last Action
referred to codes
6/1/2022