Bill > A04502

This bill increases the value of homesteads that are exempt from civil judgments from $150,000 to $250,000 for the counties of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam; from $125,000 to $250,000 for the counties of Dutchess, Albany, Columbia, Orange, Saratoga, and Ulster; and from $75,000 to $250,000 for the remaining counties of the state. The bill also provides that a judgment creditor may commence a special proceeding to sell a homestead that exceeds the new higher exemption amounts, and that the proceeds of such a sale shall be distributed to the judgment debtor and creditor based on their respective interests in the property.