New York S 5907: Exempts mortgages of residential real property from taxation when property is purchased by owners receiving state or federal buyout of prior residence destroyed in hurricane Sandy

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S05907 Summary:

BILL NOS05907 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORLANZA

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Amd §252, Tax L

&nbsp

Exempts mortgages of residential real property from taxation when property is purchased by owners receiving state or federal buyout of their prior residence destroyed in hurricane Sandy.

Go to top S05907 Actions:

BILL NOS05907 

&nbsp

03/03/2025REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

01/07/2026REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

Go to topS05907 Committee&nbspVotes:

Go to topS05907 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS05907 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 5907

 2025-2026 Regular Sessions

 IN SENATE

 March 3, 2025
 ___________

 Introduced by Sen. LANZA -- read twice and ordered printed, and when
 printed to be committed to the Committee on Investigations and Govern-
 ment Operations

 AN ACT to amend the tax law, in relation to granting an exemption from
 the tax on mortgages for residential real property purchased by
 persons receiving federal and/or state buyouts of their residence as a
 result of damage caused by hurricane Sandy in October of 2012; and
 providing for the repeal of such provisions upon expiration thereof

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 252 of the tax law is amended by adding a new
 2 subdivision 3 to read as follows:
 3 (3) (a) Notwithstanding the provisions of subdivision one of this
 4 section, the governing body of any municipality acting through its local
 5 legislative body or other governing agency, is hereby authorized and
 6 empowered to adopt and amend local laws or ordinances to exempt from the
 7 taxes imposed by this article the mortgage of residential real property,
 8 when such real property is purchased and is to be occupied by an owner
 9 or owners who have received, or for whom a final determination has been
 10 made and will receive, federally and/or state funded buyouts of such
 11 owner or owners' previous residential real property which was damaged or
 12 destroyed as a result of hurricane Sandy during October of two thousand
 13 twelve.
 14 (b) Any person who after October twenty-second, two thousand twelve
 15 and before the effective date of this subdivision, who would otherwise
 16 qualify under paragraph (a) of this subdivision, and who has paid any
 17 taxes imposed by this article, shall be entitled to receive a reimburse-
 18 ment of all such taxes paid from the county clerk or county treasurer of
 19 the respective county where such taxes were paid in the same manner as
 20 provided in section two hundred fifty-seven-a of this article.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10037-01-5

 S. 5907 2

 1 § 2. This act shall take effect immediately; provided, however, that
 2 the provisions of this act and all local laws and ordinances adopted
 3 pursuant to its authority shall expire and be deemed repealed on and
 4 after January 1, 2028.

Go to top 

• 

 Sitemap 

 Request Information 

 Directions and Maps