New York A 11314: Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive

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A11314 Summary:

BILL NOA11314 

&nbsp

SAME ASSAME AS S10345

&nbsp

SPONSORRules (Rozic)

&nbsp

COSPNSRPowers, Simone

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MLTSPNSR

&nbsp

Amd §485-x, RPT L

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Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive to include an annual adjustment to reflect the percentage increase in the consumer price index for all urban consumers published by the United States department of labor.

Go to top A11314 Actions:

BILL NOA11314 

&nbsp

05/11/2026referred to real property taxation

Go to topA11314 Committee&nbspVotes:

Go to topA11314 Floor&nbspVotes:

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

Go to topA11314 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 11314

 IN ASSEMBLY

 May 11, 2026
 ___________

 Introduced by COMMITTEE ON RULES -- (at request of M. of A. Rozic) --
 read once and referred to the Committee on Real Property Taxation

 AN ACT to amend the real property tax law, in relation to defining
 affordability option D under 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. Paragraph (d) of subdivision 1 of section 485-x of the real
 2 property tax law, as added by section 1 of part U of chapter 56 of the
 3 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] one hundred
 7 twenty dollars, adjusted annually to reflect the percentage increase in
 8 the consumer price index for all urban consumers published by the United
 9 States department of labor, upon the first assessment following the
 10 completion date and where each owner of any such unit shall agree, in
 11 writing, to maintain such unit as their primary residence for no less
 12 than five years from the acquisition of such unit.
 13 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15800-01-6

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