New York S 852: Enacts the "homebuyer renovation property tax exemption act"

Bill Text

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S00852 Summary:

BILL NOS00852 

&nbsp

SAME ASSAME AS A07479

&nbsp

SPONSORHELMING

&nbsp

COSPNSRBORRELLO, CANZONERI-FITZPATRICK, GALLIVAN, JACKSON, MURRAY, RHOADS, ROLISON, WEBER, WEIK

&nbsp

MLTSPNSR

&nbsp

Add §421-r, RPT L

&nbsp

Enacts the "homebuyer renovation property tax exemption act" to grant an exemption of up to fifteen thousand dollars from taxation levied by or on behalf of any county, city, town, village or school district in which such residential property is located for a period of five years from the date of purchase of the property; defines "primary residential property".

Go to top S00852 Actions:

BILL NOS00852 

&nbsp

01/08/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

03/03/2025REPORTED AND COMMITTED TO FINANCE

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

04/20/2026REPORTED AND COMMITTED TO FINANCE

Go to topS00852 Committee&nbspVotes:

Go to topS00852 Floor&nbspVotes:

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

Go to topS00852 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 852

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. HELMING, BORRELLO, GALLIVAN, JACKSON, RHOADS, ROLI-
 SON, WEBER, WEIK -- read twice and ordered printed, and when printed
 to be committed to the Committee on Housing, Construction and Communi-
 ty Development

 AN ACT to amend the real property tax law, in relation to enacting the
 "homebuyer renovation property tax exemption act"

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "homebuyer renovation property tax exemption act".
 3 § 2. Legislative findings. The legislature finds that much of New
 4 York's current housing stock is old and in need of repair, yet often the
 5 repairs are beyond the financial capability of many homeowners. This
 6 bill would give homeowners who invest in their property needed tax
 7 relief for a period of five years to allow them to recoup the invest-
 8 ments made in their property and incentivize the revitalization of our
 9 existing housing stock. This incentive will bring abandoned and dilapi-
 10 dated homes back to life and help expand the housing stock of the
 11 future.
 12 § 3. The real property tax law is amended by adding a new section
 13 421-r to read as follows:
 14 § 421-r. Exemption for renovated homes. 1. Primary residential proper-
 15 ty purchased after the effective date of this section by one or more
 16 persons, who either as part of the written contract for sale of the
 17 primary residential property, or who enters into a written contract
 18 within one hundred eighty days after closing of the sale of the primary
 19 residence for reconstruction, alteration or improvements, the value of
 20 which exceeds fifteen thousand dollars, to the primary residential prop-
 21 erty, shall be exempt from taxation levied by or on behalf of any coun-
 22 ty, city, town, village or school district in which such residential

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01071-01-5

 S. 852 2

 1 property is located for a period of five years from the date of purchase
 2 of the property. Such exemption shall apply solely to the increase in
 3 assessed value thereof attributable to such reconstruction, alteration,
 4 or improvement. For the purposes of this section, the purchase of an
 5 appliance, including, but not limited to, a refrigerator, oven, dish-
 6 washer, washer, or dryer, shall not constitute an improvement.
 7 2. (a) No portion of a single family primary residential property
 8 shall be leased during the period of time when such exemption shall
 9 apply to the residence. If any portion of the single family primary
 10 residential property is found to be the subject of a lease agreement,
 11 the assessor shall discontinue any exemption granted pursuant to this
 12 section.
 13 (b) In the event that a primary residential property granted an
 14 exemption pursuant to this section ceases to be used primarily for resi-
 15 dential purposes or title thereto is transferred to other than the heirs