NY A06770

Expands the residential redevelopment inhibited property tax exemption from applying only to cities with populations between 15,250 and 15,500 to all cities, towns, and villages statewide

Allows any municipality to adopt a local law providing tax exemptions for neglected or abandoned residential properties that are redeveloped, with counties and school districts able to opt in after public hearings

Broadens eligibility from owner-occupied single-family residences to one-to-four unit residences occupied as primary residences by either owners or tenants

Properties qualify as "redevelopment inhibited" if acquired through tax foreclosure, continuously vacant for at least 3 years, acquired under certain legal proceedings, or have code violations exceeding the property's value

Requires property owners to file annual affidavits confirming continued occupancy, with exemptions ceasing if residency requirements are not met or if owners are convicted of building code violations