New York A 7943: Provides for a real property tax exemption for property owned by certain limited liability companies

Bill Text

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A07943 Summary:

BILL NOA07943 

&nbsp

SAME ASNo Same As

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SPONSORKay

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COSPNSR

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MLTSPNSR

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Amd §425, RPT L

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Provides for a real property tax exemption for property owned by single-member limited liability companies where such property serves as the primary residence of such member.

Go to top A07943 Actions:

BILL NOA07943 

&nbsp

04/16/2025referred to real property taxation

01/07/2026referred to real property taxation

Go to topA07943 Committee&nbspVotes:

Go to topA07943 Floor&nbspVotes:

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

Go to topA07943 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7943

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 16, 2025
 ___________

 Introduced by M. of A. KAY -- read once and referred to the Committee on
 Real Property Taxation

 AN ACT to amend the real property tax law, in relation to a real proper-
 ty tax exemption for property owned by certain limited liability
 companies

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

 1 Section 1. Subdivision 3 of section 425 of the real property tax law
 2 is amended by adding a new paragraph (e-1) to read as follows:
 3 (e-1) Dwellings owned by certain limited liability companies. If legal
 4 title to a dwelling is held by a single-member limited liability compa-
 5 ny, the exemption shall be granted if the property serves as the primary
 6 residence of the member of such limited liability company.
 7 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD09758-01-5

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