New York A 10559: Amends the private housing finance law relating to establishing initial rents in respect of certain loans to owners of existing multiple dwellings, in relation to the effective date thereof

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A10559 Summary:

BILL NOA10559A

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SAME ASNo Same As

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SPONSORWilliams

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COSPNSR

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MLTSPNSR

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Add §466-o, RPT L

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Establishes a property tax exemption for police officers who serve in the state of New York; establishes the rate of such tax exemption.

Go to top A10559 Actions:

BILL NOA10559A

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03/13/2026referred to real property taxation

05/08/2026amend and recommit to real property taxation

05/08/2026print number 10559a

05/12/2026reported referred to ways and means

Go to topA10559 Committee&nbspVotes:

Committee:REAL PROPERTY TAXATION Chair:Williams 
DATE:05/12/2026AYE/NAY:9/1 Action: Favorable refer to committee Ways and Means WilliamsAyeBaileyAye

EichensteinAyeMillerAye

AlvarezAyeTagueAye

BurroughsAye

O'PharrowAye

RomeroAye

MorenoNay

Go to topA10559 Floor&nbspVotes:

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

Go to topA10559 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10559--A

 IN ASSEMBLY

 March 13, 2026
 ___________

 Introduced by M. of A. WILLIAMS -- read once and referred to the Commit-
 tee on Real Property Taxation -- 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 a real proper-
 ty tax exemption for property owned by persons employed as a police
 officer in the state of New York

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

 1 Section 1. The real property tax law is amended by adding a new
 2 section 466-o to read as follows:
 3 § 466-o. Police service. 1. As used in this section, the following
 4 terms shall have the following meanings:
 5 (a) "Police officer" shall have the same meaning as defined in section
 6 1.20 of the criminal procedure law;
 7 (b) "Latest class ratio" means the latest final class ratio estab-
 8 lished by the state board pursuant to title one of article twelve of
 9 this chapter for use in a special assessing unit as defined in section
 10 eighteen hundred one of this chapter; and
 11 (c) "Latest state equalization rate" means the latest final equaliza-
 12 tion rate established by the state board pursuant to article twelve of
 13 this chapter.
 14 2. (a) After the local legislative body of a county, city, town, or
 15 village passes a local law, or a school district passes a resolution,
 16 notwithstanding any other provision of law, real property owned by a
 17 police officer and constituting the primary residence of such police
 18 officer shall be exempt from taxation to the extent of fifteen per
 19 centum of the assessed valuation thereof; provided however, that such
 20 exemption shall not exceed twelve thousand dollars or the product of
 21 twelve thousand dollars multiplied by the latest state equalization rate
 22 of the assessing unit, or, in the case of a special assessing unit, the
 23 latest class ratio, whichever is less.
 24 (b) Within such local law or resolution, the local legislative body or
 25 school district may reduce the percentage of exemption or maximum exempt
 26 assessed valuation authorized pursuant to this subdivision.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11355-02-6

 A. 10559--A 2

 1 3. Notwithstanding any other provision of law to the contrary, the
 2 provisions of this section shall apply to any real property held in
 3 trust solely for the benefit of a person or persons who would otherwise
 4 be eligible for a real property tax exemption, pursuant to subdivision
 5 two of this section, were such person or persons the owner or owners of
 6 such real property.
 7 4. (a) For the purposes of this section, title to that portion of real
 8 property owned by a cooperative apartment corporation in which a
 9 tenant-stockholder of such corporation resides and which is represented
 10 by their share or shares of stock in such corporation as determined by
 11 its or their proportional relationship to the total outstanding stock of
 12 the corporation, including that owned by the corporation, shall be
 13 deemed to be vested in such tenant-stockholder.
 14 (b) Provided that all other eligibility criteria of this section are
 15 met,