New York S 10500: Relates to affordable housing in New York city

Bill Text

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S10500 Summary:

BILL NOS10500 

&nbsp

SAME ASSAME AS A11484

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SPONSORGOUNARDES

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COSPNSR

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MLTSPNSR

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Amd §485-x, RPT L

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Provides that no tax exemption shall be given for any unit that has not agreed in writing to maintain such unit as their primary residence for no less than five years from the acquisition of such unit.

Go to top S10500 Actions:

BILL NOS10500 

&nbsp

05/15/2026REFERRED TO LOCAL GOVERNMENT

Go to topS10500 Committee&nbspVotes:

Go to topS10500 Floor&nbspVotes:

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

Go to topS10500 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10500

 IN SENATE

 May 15, 2026
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Local Government

 AN ACT to amend the real property tax law, in relation to the affordable
 neighborhoods for New Yorkers tax incentive

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

 1 Section 1. Paragraphs (d) and (rr) of subdivision 1 of section 485-x
 2 of the real property tax law, as added by section 1 of part U of chapter
 3 56 of the laws of 2024, is amended to read as follows:
 4 (d) "Affordability option D" shall mean a homeownership project in
 5 which one hundred percent of the units shall have an average assessed
 6 value per square foot that does not exceed eighty-nine dollars upon the
 7 first assessment following the completion date and where [each owner] at
 8 least sixty percent of the owners of any such [unit] units shall agree,
 9 in writing, to maintain such unit as their primary residence for no less
 10 than five years from the acquisition of such unit; provided, however,
 11 that any unit who has not signed such an agreement shall not be eligible
 12 for any exemption of taxes pursuant to paragraph (e) of subdivision two
 13 of this section.
 14 (rr) "Twenty year benefit" shall mean: (i) for the construction peri-
 15 od, a one hundred percent exemption from real property taxation, other
 16 than assessments for local improvements; (ii) for the first fourteen
 17 years of the restriction period, a one hundred percent exemption from
 18 real property taxation, other than assessments for local improvements,
 19 provided, however, that no exemption shall be given for: (A) any portion
 20 of the square footage of a unit with an assessed value that exceeds
 21 eighty-nine dollars per square foot; or (B) any unit who has not agreed
 22 in writing to maintain such unit as their primary residence for no less
 23 than five years from the acquisition of such unit; and (iii) for the
 24 final six years of the restriction period, a twenty-five percent
 25 exemption from real property taxation, other than assessments for: (A)
 26 local improvements, provided, however, that no exemption shall be given
 27 for any portion of the square footage of a unit with an assessed value
 28 that exceeds eighty-nine dollars per square foot; or (B) any unit who
 29 has not agreed in writing to maintain such unit as their primary resi-
 30 dence for no less than five years from the acquisition of such unit.
 31 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15933-01-6

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