Bill > S05907

This bill amends the New York tax law to provide a mortgage tax exemption for residential real property purchased by homeowners who received federal or state buyouts after their previous homes were damaged or destroyed by Hurricane Sandy in October 2012. Specifically, the bill allows local municipalities to adopt ordinances that exempt such homeowners from mortgage taxes when they purchase a new residential property. The bill also includes a retroactive provision that permits homeowners who have already paid mortgage taxes and qualify under these conditions to receive a reimbursement from their county clerk or treasurer. The tax exemption and related local ordinances will automatically expire on January 1, 2028, effectively making this a time-limited measure to help Hurricane Sandy victims rebuild their lives by reducing the financial burden of purchasing replacement housing.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S5907