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NY A09710
Bill
Status
4/3/2024
Primary Sponsor
Michael Fitzpatrick
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AI Summary
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Grants a five-year property tax exemption on the increase in assessed value for primary residential properties purchased after the effective date where renovations exceed $15,000.
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Exemption applies only to single-family homes, townhouses, or condominiums that are owner-occupied and renovated within 180 days of purchase or as part of the original purchase contract.
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Exemption is forfeited if any portion of the property is leased, the property ceases to be used primarily for residential purposes, or title is transferred to anyone other than the owner's heirs or distributees.
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Homeowners must submit an application to their local assessor by the appropriate taxable status date, with the burden on the owner to establish eligibility.
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Effective date is January 1, 2025; Commissioner of Taxation and Finance shall promulgate implementing rules and regulations.
Legislative Description
Enacts the "homebuyer renovation property tax exemption act" to grant an exemption of up to fifteen thousand dollars from taxation levied by or on behalf of any county, city, town, village or school district in which such residential property is located for a period of five years from the date of purchase of the property; defines "primary residential property".
Last Action
referred to real property taxation
4/3/2024