Bill > S08109

This bill modifies existing laws related to homestead and motor vehicle exemptions in New York State, primarily affecting how these exemptions are calculated and applied in civil judgments and bankruptcy proceedings. The bill increases the motor vehicle exemption from $4,000 to $10,000 for standard vehicles, and from $10,000 to $25,000 for vehicles modified for disabled users. It also establishes a new indexing mechanism for the homestead exemption that will adjust the exemption amount every three years based on changes in median housing values, with different exemption amounts for different counties: $600,000 for NYC metro area counties, $500,000 for certain upstate counties, and $300,000 for remaining counties. Additionally, the bill limits bankruptcy debtors to one motor vehicle exemption, prevents multiple exemptions across different legal proceedings, and introduces a provision that allows co-owners of a homestead to claim a proportional exemption based on their equity stake. These changes aim to provide more flexible and responsive asset protection for individuals facing financial challenges, while accounting for regional differences in property values.

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https://www.nysenate.gov/legislation/bills/2025/S8109