Bill > S07285

This bill expands the Residential Redevelopment Inhibited Property Exemption to all cities, towns, and villages in New York State, removing previous restrictions that limited the exemption to only specific cities. The bill modifies the real property tax law to allow local governments to provide property tax exemptions for residential properties that have been neglected or abandoned due to economic conditions or property-specific issues. Properties can qualify for the exemption if they meet certain criteria, such as being continuously vacant for three years, acquired by the government through tax foreclosure, or having significant code violations. To be eligible, the property must be a one to four-unit residence occupied as a primary residence by the owner or a tenant, and the owner must complete approved renovations or rehabilitation. The exemption applies to the increase in property value resulting from demolition, alteration, rehabilitation, or remediation, and property owners must apply annually and file an affidavit of residency. The exemption can be revoked if the property is no longer used as a primary residence or if the owner is convicted of code violations. This change aims to encourage property redevelopment and revitalization in communities across New York by providing a financial incentive for rehabilitating neglected residential properties.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7285