Bill > A06770

This bill expands the residential redevelopment inhibited property exemption (a tax incentive program) from being limited to a specific sized city to now being available to all cities, towns, and villages in New York State. The bill modifies existing real property tax law to allow local governments to provide a property tax exemption for residential properties that have been neglected, abandoned, or are difficult to develop. Properties can qualify for this exemption if they meet certain conditions, such as being continuously vacant for three years, having been acquired by the local government through tax foreclosure, or having significant code violations that exceed the property's value. The exemption applies to one to four-unit residential properties and requires the property to be the primary residence of the owner or a tenant. Property owners must apply for the exemption within three years of completing renovation work, and the exemption reduces property taxes by exempting the increased property value resulting from improvements. The exemption can be revoked if the property is no longer used as a primary residence, is no longer a residential dwelling, or if the owner is convicted of code violations. This legislation aims to encourage property rehabilitation and revitalization in communities by providing a financial incentive for property owners to improve neglected or abandoned residential properties.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A6770