Bill > S09287

This bill establishes a new real property tax exemption, Section 421-r, for certain full-time residents in specific counties. This exemption is intended to address situations where a high number of properties are used seasonally, leading to a limited tax base for year-round public services. To qualify, a property must be a "qualifying residential property," meaning it's a dwelling with no more than three units used exclusively for residential purposes. The property then becomes "eligible year-round residential property" if it's either owned by someone who lives there full-time and is enrolled in or eligible for the STAR (School Tax Relief) exemption, or if it's rented to a tenant on a lease of at least twelve months, and that tenant occupies it as their primary residence. The exemption applies to properties in "eligible counties," defined as those with populations between 150,000 and 1 million, and where at least 6% of housing units are for seasonal use. If a local government (city, town, or village) adopts a law to allow this exemption, it can reduce property taxes by 10% of the assessed value. Counties and school districts can also opt to grant this exemption for their portion of the tax levy. The bill also outlines detailed eligibility requirements, administrative procedures for assessors, and mandates a study within five years to evaluate the exemption's effectiveness.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S9287