New York S 2320: Changes the amount of the exemption permitted for capital improvements to residential buildings

Bill Text

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S02320 Summary:

BILL NOS02320A

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SAME ASNo Same As

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SPONSORFAHY

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COSPNSR

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MLTSPNSR

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Amd §421-f, RPT L

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Changes the amount of the exemption permitted for capital improvements to residential buildings to $200,000 where a local law or resolution is adopted on or after January 1, 2026.

Go to top S02320 Actions:

BILL NOS02320A

&nbsp

01/16/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

03/03/2025REPORTED AND COMMITTED TO FINANCE

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

05/15/2026AMEND AND RECOMMIT TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

05/15/2026PRINT NUMBER 2320A

Go to topS02320 Committee&nbspVotes:

Go to topS02320 Floor&nbspVotes:

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

Go to topS02320 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 2320--A

 2025-2026 Regular Sessions

 IN SENATE

 January 16, 2025
 ___________

 Introduced by Sen. FAHY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Housing, Construction and
 Community Development -- recommitted to the Committee on Housing,
 Construction and Community Development in accordance with Senate Rule
 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as
 amended and recommitted to said committee

 AN ACT to amend the real property tax law, in relation to changing the
 amount of the exemption permitted for capital improvements to residen-
 tial buildings

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

 1 Section 1. Subparagraph (iii) of paragraph (a) of subdivision 2 of
 2 section 421-f of the real property tax law, as amended by chapter 590 of
 3 the laws of 1994, is amended to read as follows:
 4 (iii) [Such] For exemptions granted pursuant to this section and
 5 authorized by a local law or resolution adopted prior to January first,
 6 two thousand twenty-six, such exemption shall be limited to eighty thou-
 7 sand dollars in increased market value, or such other sum less than
 8 eighty thousand dollars, but not less than five thousand dollars as may
 9 be provided by the local law or resolution, of the property attributable
 10 to such reconstruction, alteration or improvement and any increase in
 11 market value greater than such amount shall not be eligible for the
 12 exemption pursuant to this section. For exemptions granted pursuant to
 13 this section and authorized by a local law or resolution adopted on or
 14 after January first, two thousand twenty-six, such exemption shall be
 15 limited to two hundred thousand dollars in increased market value, or
 16 such other sum less than two hundred thousand dollars, but not less than
 17 five thousand dollars as may be provided by the local law or resolution,
 18 of the property attributable to such reconstruction, alteration or
 19 improvement and any increase in market value greater than such amount
 20 shall not be eligible for the exemption pursuant to this section. For

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD04819-02-6

 S. 2320--A 2

 1 the purposes of this section, the market value of the reconstruction,
 2 alteration or improvement shall be equal to the increased assessed value
 3 attributable to such reconstruction, alteration or improvement divided
 4 by the class I ratio in a special assessing unit or the most recently
 5 established state equalization rate or special equalization rate in the
 6 remainder of the state, except where the state equalization rate or
 7 special equalization rate equals or exceeds ninety-five percent, in
 8 which case the increase in assessed value attributable to such recon-
 9 struction, alteration or improvement shall be deemed to equal the market
 10 value of such reconstruction, alteration or improvement.
 11 § 2. This act shall take effect immediately.

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