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NY A00355
Bill
Status
Passed
10/16/2025
Primary Sponsor
Didi Barrett
Click for details
AI Summary
- Creates a property tax exemption of 25-75% of assessed value for residential properties transferred to households earning no more than 80% of area median income
- Requires properties to be subject to restrictive covenants with a governmental entity, nonprofit housing organization, land bank, or community land trust
- Allows counties, cities, towns, villages, and school districts to opt-in to the exemption program by adopting a local law or resolution after a public hearing
- Discontinues the exemption if the property is no longer used as a primary residence, ceases residential use, or is transferred to someone other than qualifying heirs
- Requires property owners to apply for the exemption through a form prescribed by the commissioner, filed with the local assessor by the taxable status date
Legislative Description
Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization, land bank or community land trust to low-income households; sets forth conditions for the discontinuance of such exemption.
Last Action
signed chap.432
10/16/2025
Committee Referrals
Investigations and Government Operations3/18/2025
Rules3/18/2025
Ways and Means3/18/2025
Real Property Taxation1/8/2025
Full Bill Text
No bill text available