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NY S08726
Bill
Status
1/7/2026
Primary Sponsor
Alexis Weik
Click for details
AI Summary
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Requires nonprofit organizations to file property tax exemption applications at the time of property purchase, rather than by the taxable status date or within previous time windows
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Imposes a fine equal to 25% of the property's assessed taxes on attorneys or authorized agents who fail to timely file exemption applications on behalf of buyers or nonprofit organizations
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Removes previous filing deadlines that allowed nonprofits to file applications within 30 days of title transfer or by locally-specified deadlines
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Applies to nonprofit organizations purchasing property both before and after the levy of taxes
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Takes effect January 1, 2027
Legislative Description
Requires applications for property tax exemptions by nonprofit organizations be filed at the time of purchase of a property; provides that the attorney or agent responsible for filing such application shall be fined twenty-five percent of the property's assessed taxes if such application is not timely filed.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/7/2026