New York A 7479: Relates to the mitigation of the severity of climate change; repealer

Bill Text

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A07479 Summary:

BILL NOA07479 

&nbsp

SAME ASSAME AS S00852

&nbsp

SPONSORNovakhov

&nbsp

COSPNSRFitzpatrick, Norber

&nbsp

MLTSPNSR

&nbsp

Add §421-r, RPT L

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Enacts the "homebuyer renovation property tax exemption act" to grant an exemption of up to fifteen thousand dollars from taxation levied by or on behalf of any county, city, town, village or school district in which such residential property is located for a period of five years from the date of purchase of the property; defines "primary residential property".

Go to top A07479 Actions:

BILL NOA07479 

&nbsp

03/28/2025referred to real property taxation

01/07/2026referred to real property taxation

Go to topA07479 Committee&nbspVotes:

Go to topA07479 Floor&nbspVotes:

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

Go to topA07479 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7479

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 28, 2025
 ___________

 Introduced by M. of A. NOVAKHOV, FITZPATRICK, NORBER -- read once and
 referred to the Committee on Real Property Taxation

 AN ACT to amend the real property tax law, in relation to enacting the
 "homebuyer renovation property tax exemption act"

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

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "homebuyer renovation property tax exemption act".
 3 § 2. Legislative findings. The legislature finds that much of New
 4 York's current housing stock is old and in need of repair, yet often the
 5 repairs are beyond the financial capability of many homeowners. This
 6 bill would give homeowners who invest in their property needed tax
 7 relief for a period of five years to allow them to recoup the invest-
 8 ments made in their property and incentivize the revitalization of our
 9 existing housing stock. This incentive will bring abandoned and dilapi-
 10 dated homes back to life and help expand the housing stock of the
 11 future.
 12 § 3. The real property tax law is amended by adding a new section
 13 421-r to read as follows:
 14 § 421-r. Exemption for renovated homes. 1. Primary residential proper-
 15 ty purchased after the effective date of this section by one or more
 16 persons, who either as part of the written contract for sale of the
 17 primary residential property, or who enters into a written contract
 18 within one hundred eighty days after closing of the sale of the primary
 19 residence for reconstruction, alteration or improvements, the value of
 20 which exceeds fifteen thousand dollars, to the primary residential prop-
 21 erty, shall be exempt from taxation levied by or on behalf of any coun-
 22 ty, city, town, village or school district in which such residential
 23 property is located for a period of five years from the date of purchase
 24 of the property. Such exemption shall apply solely to the increase in
 25 assessed value thereof attributable to such reconstruction, alteration,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01071-01-5

 A. 7479 2

 1 or improvement. For the purposes of this section, the purchase of an
 2 appliance, including, but not limited to, a refrigerator, oven, dish-
 3 washer, washer, or dryer, shall not constitute an improvement.
 4 2. (a) No portion of a single family primary residential property
 5 shall be leased during the period of time when such exemption shall
 6 apply to the residence. If any portion of the single family primary
 7 residential property is found to be the subject of a lease agreement,
 8 the assessor shall discontinue any exemption granted pursuant to this
 9 section.
 10 (b) In the event that a primary residential property granted an
 11 exemption pursuant to this section ceases to be used primarily for resi-
 12 dential purposes or title thereto is transferred to other than the heirs
 13 or distributees of the owner, the exemption granted pursuant to this
 14 section shall be discontinued.
 15 (c) Upon determining that an exemption granted pursuant to this
 16 section should be discontinued, the assessor shall mail a notice so
 17 stating to the owner or owners thereof at the time and in the manner
 18 p