Bill > A05308

This bill amends the real property tax law to prohibit property tax exemptions for owners of commercial storefront properties that have been vacant or unoccupied for at least two years. Specifically, the bill defines a "commercial storefront property" as a non-residential ground floor or street-level property used for selling goods or services. The terms "vacant" and "unoccupied" are precisely defined: "vacant" means the property contains minimal or no inanimate objects, while "unoccupied" means a lack of habitual presence of individuals engaged in business activities. Under this proposed law, property owners would lose their tax exemption privileges if their storefront remains empty for two consecutive years, which is likely intended to discourage property owners from leaving commercial spaces unused and potentially motivate them to lease or sell the properties. The bill takes effect immediately and will apply to assessment rolls prepared on or after its enactment date, targeting long-term vacancy in commercial real estate.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5308