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Assembly Bill A11314

2025-2026 Legislative Session

Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive

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Current Bill Status - In Assembly Committee

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2025-A11314 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §485-x, RPT L

2025-A11314 (ACTIVE) - Summary

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.

2025-A11314 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   11314
 
                           I N  A S S E M B L Y
 
                               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:
 
   Section 1. Paragraph (d) of subdivision 1 of section 485-x of the real
 property  tax  law, as added by section 1 of part U of chapter 56 of the
 laws of 2024, is amended to read as follows:
   (d) "Affordability option D" shall mean  a  homeownership  project  in
 which  one  hundred  percent of the units shall have an average assessed
 value per square foot that does not  exceed  [eighty-nine]  ONE  HUNDRED
 TWENTY  dollars, ADJUSTED ANNUALLY TO REFLECT THE PERCENTAGE INCREASE IN
 THE CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS PUBLISHED BY THE UNITED
 STATES DEPARTMENT OF LABOR, upon  the  first  assessment  following  the
 completion  date  and  where each owner of any such unit shall agree, in
 writing, to maintain such unit as their primary residence  for  no  less
 than five years from the acquisition of such unit.
   § 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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