Bill > S07212

This bill authorizes cities with a population of one million or more (which effectively means New York City) to provide a real property tax rebate for owners of 1-6 family residential properties or residential properties held in condominium or cooperative ownership. The rebate would be available for fiscal years beginning July 1, 2023, through June 30, 2025, with a maximum rebate of $400 per property or the full annual tax liability, whichever is less. The bill allows local legislative bodies to customize the rebate by specifying which types of residential properties are eligible and potentially restricting eligibility based on other tax benefits the owner may be receiving. Property owners must apply for the rebate by March 15th of the fiscal year and must not be significantly delinquent in their property tax payments. Notably, the bill provides some flexibility for property owners with tax arrears by allowing them to enter into installment agreements and still potentially qualify for the rebate. The first portion of any rebate would be applied to outstanding tax installment agreements, with any excess returned to the property owner. This legislation aims to provide property tax relief for residential property owners in large cities, specifically targeting New York City.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7212