Bill > S01718

This bill provides a partial property tax exemption for residential real property transferred to low-income households by governmental entities, nonprofit housing organizations, land banks, or community land trusts. Specifically, the bill allows local governments and school districts to adopt a local law or resolution that provides a tax exemption ranging from 25% to 75% of the property's assessed value for qualifying low-income households. A "qualified low-income household" is defined as a household with an income not exceeding 80% of the area median income, as determined by the U.S. Department of Housing and Urban Development, who agrees to use the property as their primary residence. The exemption can be discontinued if the property is no longer used primarily for residential purposes, ceases to be a primary residence, or is transferred to someone who does not meet the low-income household criteria. To receive the exemption, property owners must apply with their local assessor, who will then verify eligibility and record the exemption on the assessment roll. This bill aims to make housing more affordable for low-income households by reducing their property tax burden and incentivizing the transfer of affordable housing by nonprofit and governmental organizations.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S1718