Bill > S04488

This bill amends New York tax law to provide a mortgage recording tax exemption for first-time homebuyers. Specifically, the bill defines a "first-time homebuyer" as an individual who has not owned a primary residential property in the past three years, is not married to someone who has owned a residential property during that time, and does not own a vacation or investment home. Under this new provision, when a first-time homebuyer obtains a mortgage for a primary residential property, they will be exempt from paying the mortgage recording tax, which is typically a fee charged when a mortgage is recorded with local government authorities. The bill will take effect on the first day of January following its enactment and will apply to mortgages executed on or after that date, potentially making homeownership more affordable for individuals entering the housing market for the first time by reducing the upfront costs associated with obtaining a mortgage.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S4488