Bill > A00234

This bill amends the Residential-Commercial Urban Exemption Program by modifying several key provisions related to property tax exemptions for mixed-use properties. The bill increases the required residential portion of a mixed-use property from 40% to 50% of total square footage, and specifies that only above-grade square footage should be used in calculating these percentages. It adds new eligibility requirements, including that at least 75% of the floor area must consist of a pre-existing building, and the commercial portion must be currently in use or in good faith planned for use. The bill also restricts the exemption from being applied to previously vacant land and requires more detailed annual certifications from property owners. The exemption structure remains largely the same, providing a 12-year property tax exemption that gradually decreases over time, with 100% exemption for the first 8 years, then reducing to 80%, 60%, 40%, and 20% in subsequent years. Additionally, the bill strengthens penalties for false statements, allowing municipalities to impose a $1,000 penalty and recover previously granted exemptions if material misstatements are discovered. The changes will take effect on January 1, 2026, and apply to new exemption applications received on or after that date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A234