Bill > S05662

This bill amends the Private Housing Finance Law to change how property taxes are calculated for certain housing projects, particularly those located in New York City. Previously, for projects in cities with a population of one million or more, the amount of taxes paid was capped at no more than five percent of the annual "shelter rent" (total rent minus utility costs, including rent supplements and subsidies). This bill removes that five percent cap and states that taxes for such projects in these large cities will simply be "assessed," meaning they will be subject to standard property tax assessments rather than a specific percentage of shelter rent. For projects in municipalities with populations less than one million, the bill clarifies that the minimum tax payment will be ten percent of the annual shelter rent or carrying charges, with provisions for further reductions to five percent or less with local legislative consent. The bill also makes conforming changes to other sections of the law related to tax exemptions for various types of housing companies and projects, including those organized as mutual companies or state urban development corporation projects, and introduces the possibility of an additional full tax exemption for mutual redevelopment companies in cities of one million or more.

Budget and Finance, Government Affairs, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S5662