Bill > A00355

This bill provides a tax exemption for residential real property transferred to low-income households or community land trusts, aimed at supporting affordable housing. The bill allows local governments and school districts to adopt a local law or resolution that provides a property tax exemption ranging from 25% to 75% of the property's assessed value for residential properties transferred to qualified low-income households. A "qualified low-income household" is defined as one with an income not exceeding 80% of the area median income, as determined by the US Department of Housing and Urban Development. The exemption applies to properties transferred through nonprofit housing organizations, community land trusts, or land banks, with specific conditions for maintaining the tax benefit. The exemption can be discontinued if the property is no longer used primarily as a residential property, is no longer the owner's primary residence, or is transferred to someone who does not meet the low-income household criteria. Property owners must apply for the exemption with their local assessor, and the exemption will be granted only after the assessor verifies the applicant's eligibility. The bill is designed to help make housing more affordable for lower-income families by reducing their property tax burden.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A355