NY S08647

Allows Nassau County municipalities to extend real property tax exemptions for projects owned by mutual redevelopment companies for up to 25 additional years beyond the initial 25-year exemption period.

Applies to senior housing projects (minimum age 55 occupancy requirement) where the expiration of the initial tax exemption would substantially increase carrying or maintenance charges for residents.

Permits municipalities to either grant a new 25-year extension at the same exemption rate as the expiring period, or modify an existing extended exemption to provide such an extension.

Takes effect immediately upon enactment.