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NY A07479
Bill
Status
3/28/2025
Primary Sponsor
Michael Novakhov
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AI Summary
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Creates a 5-year property tax exemption for homebuyers who purchase a primary residence and complete renovations exceeding $15,000 in value within 180 days of closing
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Exemption applies only to the increased assessed value attributable to the reconstruction, alterations, or improvements—not the full property value
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Eligible properties include owner-occupied one or two family houses, townhouses, or condominiums; appliance purchases do not qualify as improvements
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Exemption is discontinued if the property is leased, ceases to be used as a primary residence, or is transferred to someone other than heirs or distributees
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Takes effect January 1, 2026, with applications filed through local assessors using forms prescribed by the Commissioner of Taxation and Finance
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
1/7/2026