Bill > S00852

This bill enacts the "homebuyer renovation property tax exemption act" to provide a tax incentive for homeowners who invest in renovating their primary residential property. Specifically, homeowners who purchase a property and spend at least $15,000 on reconstruction, alteration, or improvements within 180 days of purchase can receive a five-year property tax exemption. The exemption applies only to the increased assessed value resulting from the renovations and is limited to single-family homes, townhouses, or condominiums that are owner-occupied. Homeowners must apply for the exemption with their local assessor and cannot lease any portion of the property during the exemption period. If the property is no longer used primarily as a residence or is transferred to someone other than the owner's heirs, the tax exemption will be discontinued. The bill aims to incentivize the revitalization of existing housing stock by providing financial relief to homeowners who invest in property improvements. The tax exemption will take effect on January 1, 2026, and will not apply to simple appliance replacements like refrigerators or washers.

Budget and Finance, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S852