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NY S01718
Bill
Status
Introduced
1/13/2025
Primary Sponsor
Michelle Hinchey
Click for details
AI Summary
- Creates a partial property tax exemption (25-75% of assessed value) for residential properties transferred to households earning no more than 80% of area median income
- Applies to properties transferred by nonprofit housing organizations, community land trusts, or land banks that are subject to affordability restrictions or covenants
- Requires counties, cities, towns, villages, or school districts to opt in by adopting a local law or resolution after a public hearing
- Exemption is discontinued if the property stops being used as a primary residence, is no longer residential, or is transferred to someone other than qualifying heirs
- Property owners must apply for the exemption with the local assessor by the taxable status date using a state-prescribed form
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
SUBSTITUTED BY A355C
4/29/2025
Committee Referrals
Rules4/15/2025
Local Government1/13/2025
Full Bill Text
No bill text available