Bill > S08653

This bill creates a new "class five" classification for real property tax purposes, specifically for properties that have been vacant for at least ninety days and are not under construction or rehabilitation, as well as vacant lots and blighted properties in commercial or manufacturing zones. Blighted properties are defined as those where the value of improvements is fifteen percent or less of the land value, and certain properties like community gardens, those with active construction or pending building permits, those owned by non-profits, or those with a completed application to the New York City Department of City Planning are exempt from this classification. For cities with a population of one million or more, this bill authorizes them to levy an additional tax of three and a half percent on the market value of these "class five" properties, with funds raised to be deposited into a dedicated homelessness improvement fund to address homelessness within that city.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8653