Bill > A07479

This bill creates a new property tax exemption for homebuyers who invest in renovating their primary residential property in New York State. Under the "Homebuyer Renovation Property Tax Exemption Act," homeowners who purchase a primary residential property and spend at least $15,000 on reconstruction, alterations, or improvements within 180 days of closing can receive a five-year property tax exemption. The exemption applies only to the increased assessed value resulting from the renovations and is limited to one- or two-family houses, townhouses, and condominiums that are owner-occupied. To qualify, homeowners must apply with the local assessor and cannot lease any portion of the property during the exemption period. If the property is no longer used primarily as a residence or is transferred to someone other than the owner's heirs, the tax exemption will be discontinued. The legislature believes this incentive will help revitalize older housing stock by making renovations more financially feasible for homeowners. The act will take effect on January 1, 2026, and specifically excludes the purchase of appliances from qualifying as an improvement for the exemption.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7479