Bill > A05350

This bill amends the New York tax law to exempt first-time homebuyers from paying the mortgage recording tax. Specifically, the bill defines a "first-time homebuyer" as a natural person who has not owned a primary residential property and is not married to someone who has owned a residential property in the three years prior to their home purchase, and who does not own a vacation or investment home. The mortgage recording tax, which is typically a fee charged when a mortgage is recorded with local government authorities, would be waived for these qualifying individuals. The legislation would take effect on the first day of January following its passage and would apply to mortgages executed on or after that date. By providing this tax exemption, the bill aims to make home ownership more accessible and affordable for individuals entering the housing market for the first time.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A5350