Bill > A07943

This bill amends the New York Real Property Tax Law to provide a property tax exemption for dwellings owned by single-member limited liability companies (LLCs), specifically when the property serves as the primary residence of the LLC's sole member. In practical terms, this means that if an individual owns a home through a single-member LLC, they can still qualify for the same residential property tax exemption they would receive if they owned the property directly in their own name. A single-member LLC is a business structure where one person owns and controls the entire company, which can provide certain legal protections while maintaining the tax and ownership benefits of individual property ownership. The bill ensures that the legal technicality of holding property title through an LLC does not disqualify a homeowner from receiving the standard residential property tax exemption. The amendment takes effect immediately upon enactment.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7943