NY State Assembly Bill 2025-A355

Assembly Bill A355

2025-2026 Legislative Session

Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization, land bank or community land trust to low-income household

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Current Bill Status - Passed Senate & Assembly

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Apr 29, 2025	returned to assembly repassed senate 3rd reading cal.682 substituted for s1718b
Apr 28, 2025	recommitted to investigations and government operations returned to senate repassed assembly
Apr 08, 2025	amended on third reading 355c
Apr 08, 2025	vote reconsidered - restored to third reading returned to assembly recalled from senate
Mar 18, 2025	referred to investigations and government operations delivered to senate passed assembly ordered to third reading rules cal.108 rules report cal.108 reported reported referred to rules reported referred to ways and means
Mar 12, 2025	print number 355b
Mar 12, 2025	amend (t) and recommit to real property taxation
Feb 05, 2025	print number 355a
Feb 05, 2025	amend (t) and recommit to real property taxation
Jan 08, 2025	referred to real property taxation

Votes

- Apr 29, 2025 - Floor Vote
  A355
  
  49
  
  Aye
  
  12
  
  Nay
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Floor Vote: Apr 29, 2025
      
      aye (49)
      
      Addabbo Jr.
      
      Bailey
      
      Baskin
      
      Borrello
      
      Brisport
      
      Brouk
      
      Bynoe
      
      Chan
      
      Cleare
      
      Comrie
      
      Cooney
      
      Fahy
      
      Fernandez
      
      Gallivan
      
      Gianaris
      
      Gonzalez
      
      Gounardes
      
      Griffo
      
      Harckham
      
      Helming
      
      Hinchey
      
      Hoylman-Sigal
      
      Jackson
      
      Kavanagh
      
      Krueger
      
      Liu
      
      Martinez
      
      May
      
      Mayer
      
      Myrie
      
      Oberacker
      
      Palumbo
      
      Parker
      
      Persaud
      
      Ramos
      
      Rhoads
      
      Rivera
      
      Rolison
      
      Ryan
      
      Ryan
      
      Salazar
      
      Scarcella-Spanton
      
      Sepúlveda
      
      Serrano
      
      Stavisky
      
      Stewart-Cousins
      
      Tedisco
      
      Webb
      
      Weber
      
      nay (12)
      
      Ashby
      
      Canzoneri-Fitzpatrick
      
      Lanza
      
      Martins
      
      Mattera
      
      Murray
      
      O'Mara
      
      Ortt
      
      Skoufis
      
      Stec
      
      Walczyk
      
      Weik
      
      excused (1)
      
      Sanders Jr.

Bill Amendments

Original

C (Active)

co-Sponsors

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2025-A355 - Details

See Senate Version of this Bill:: S1718
Law Section:: Real Property Tax Law
Laws Affected:: Add §581-c, RPT L
Versions Introduced in 2023-2024 Legislative Session:: A6176, S6255

2025-A355 - Summary

2025-A355 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    355
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by M. of A. BARRETT, GLICK, HYNDMAN, WOERNER, JONES, EACHUS,
   LUCAS, COLTON, SIMON, DAVILA, LUPARDO, BEEPHAN, SIMPSON --  read  once
   and referred to the Committee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to the assessment
   of  residential  real property transferred from a charitable nonprofit
   housing organization to low-income persons
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  real  property  tax  law  is amended by adding a new
 section 581-c to read as follows:
   § 581-C. ASSESSMENT OF RESIDENTIAL REAL PROPERTY  TRANSFERRED  FROM  A
 CHARITABLE NONPROFIT HOUSING ORGANIZATION TO A LOW-INCOME PERSON. 1.  AS
 USED IN THIS SECTION:
   (A)  "CHARITABLE  NONPROFIT  HOUSING  ORGANIZATION" MEANS A CHARITABLE
 NONPROFIT ORGANIZATION WHOSE PRIMARY  PURPOSE  IS  THE  CONSTRUCTION  OR
 RENOVATION OF RESIDENTIAL HOUSING FOR CONVEYANCE TO A LOW-INCOME PERSON.
   (B) "ELIGIBLE NONPROFIT HOUSING PROPERTY" OR "PROPERTY" MEANS PROPERTY
 TRANSFERRED  BY A CHARITABLE NONPROFIT HOUSING ORGANIZATION TO A LOW-IN-
 COME PERSON AND OCCUPIED BY SUCH  LOW-INCOME  PERSON  AS  THEIR  PRIMARY
 RESIDENCE.
   (C)  "LOW-INCOME PERSON" MEANS AN INDIVIDUAL OR FAMILY WHOSE HOUSEHOLD
 INCOME DOES NOT EXCEED EIGHTY PERCENT OF THE AREA MEDIAN  INCOME  (AMI),
 ADJUSTED  FOR  FAMILY  SIZE AND AS ANNUALLY DEFINED BY THE UNITED STATES
 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, WHO IS ELIGIBLE TO  PARTIC-
 IPATE  IN  THE CHARITABLE NONPROFIT HOUSING ORGANIZATION'S PROGRAM BASED
 ON CRITERIA ESTABLISHED BY THE CHARITABLE NONPROFIT HOUSING ORGANIZATION
 AND WHO OCCUPIES SUCH PROPERTY AS THEIR PRIMARY RESIDENCE.
   (D) "INITIAL TAXABLE VALUE" AND "INITIAL  ASSESSED  VALUE"  MEANS  THE
 SUBSIDIZED PURCHASE PRICE OF ANY ELIGIBLE NONPROFIT HOUSING PROPERTY AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00193-01-5

 A. 355                              2
 
 THE  FULL  FAIR  MARKET VALUE FOR SUCH NONPROFIT HOUSING PROPERTY ON THE
 ASSESSMENT ROLLS WHICH SHALL NOT EXCEED THE SUBSIDIZED PURCHASE PRICE.
   (E)  "SUBSIDIZED  PURCHASE  PRICE" MEANS AN AMOUNT EQUAL TO THE SUM OF
 (I) THE FIRST MORTGAGE AMOUNT FILED WITH THE COUNTY CLERK, PLUS (II) THE
 ACTUAL CASH DOWN PAYMENT PAID BY THE PURCHASER. THE CLOSING STATEMENT OR
 SWORN AFFIDAVIT FILED WITH THE COUNTY CLERK OR LOCAL  ASSESSOR'S  OFFICE
 BY  THE  SELLER'S  ATTORNEY SHALL BE CONCLUSIVE EVIDENCE OF THE VALUE OF
 SUBPARAGRAPHS (I) AND (II) OF THIS PARAGRAPH.
   (F) "SUBSEQUENT TAXABLE VALUE" AND "SUBSEQUENT ASSESSED VALUE"  MEANS,
 IN  YEARS  SUBSEQUENT  TO THE CALENDAR YEAR OF THE TRANSFER, THE INITIAL
 ASSESSED VALUE OF ANY ELIGIBLE  NONPROFIT  HOUSING  PROPERTY;  PROVIDED,
 HOWEVER, THAT FOR AS LONG AS ANY LOW-INCOME PERSON OWNS AND OCCUPIES THE
 PROPERTY, THE ONLY BASIS FOR INCREASING THE INITIAL ASSESSED VALUE SHALL
 BE CAPITAL IMPROVEMENTS MADE TO THE PROPERTY, IF ANY.
   (G)  "TRANSFER"  MEANS  A  CONVEYANCE  OF AN INTEREST IN REAL PROPERTY
 WHETHER BY DEED OR A LEASEHOLD GRANT FOR NOT LESS THAN FORTY-NINE YEARS.
   2. FOR ANY ELIGIBLE NONPROFIT HOUSING PROPERTY ACQUIRED BY  A  LOW-IN-
 COME PERSON ON OR AFTER JANUARY FIRST, TWO THOUSAND TWENTY-SIX, THE FULL
 MARKET  VALUE  OF  SUCH  PROPERTY  SHALL NOT BE GREATER THAN THE INITIAL
 TAXABLE VALUE, AS DEFINED IN SUBDIVISION ONE OF THIS SECTION.    IN  THE
 YEAR  IMMEDIATELY  SUCCEEDING  THE  YEAR IN WHICH THE ACQUISITION OF ANY
 ELIGIBLE NONPROFIT HOUSING PROPERTY BY A LOW-INCOME  PERSON  OCCURS  AND
 EACH YEAR THEREAFTER, THE FULL MARKET VALUE OF THE PROPERTY SHALL NOT BE
 GREATER THAN THE SUBSEQUENT TAXABLE VALUE AND SUBSEQUENT ASSESSED VALUE,
 AS  DEFINED IN SUBDIVISION ONE OF THIS SECTION.  ANY REASSESSMENT OF ANY
 ELIGIBLE NONPROFIT HOUSING PROPERTY SHALL IN NO EVENT EXCEED THE GREATER
 OF (I) THE INITIAL TAXABLE VALUE AND INITIAL ASSESSED VALUE OR (II)  THE
 SUBSEQUENT  TAXABLE  VALUE  AND SUBSEQUENT ASSESSED VALUE, AS DEFINED IN
 SUBDIVISION ONE OF THIS SECTION.
   § 2. This act shall take effect immediately.

co-Sponsors

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2025-A355A - Details

See Senate Version of this Bill:: S1718
Law Section:: Real Property Tax Law
Laws Affected:: Add §581-c, RPT L
Versions Introduced in 2023-2024 Legislative Session:: A6176, S6255

2025-A355A - Summary

2025-A355A - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  355--A
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by M. of A. BARRETT, GLICK, HYNDMAN, WOERNER, JONES, EACHUS,
   LUCAS, COLTON, SIMON, DAVILA, LUPARDO, BEEPHAN, SIMPSON --  read  once
   and  referred  to the Committee 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  partially
   exempting  from taxation certain residential real property transferred
   to low-income households
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  real  property  tax  law  is amended by adding a new
 section 457-a to read as follows:
   § 457-A. EXEMPTION FOR ELIGIBLE RESIDENTIAL PROPERTY TRANSFERRED TO  A
 LOW-INCOME HOUSEHOLD. 1. AS USED IN THIS SECTION:
   (A)  "NONPROFIT  HOUSING  ORGANIZATION" MEANS A NONPROFIT ORGANIZATION
 EXEMPT FROM CERTAIN TAXES  PURSUANT  TO  SECTION  501(C)(3)  OR  SECTION
 501(C)(4)  OF  THE  UNITED  STATES  INTERNAL REVENUE CODE AND/OR THAT IS
 INCORPORATED UNDER THE  NOT-FOR-PROFIT  CORPORATION  LAW  WHOSE  PRIMARY
 PURPOSE  IS  THE  CONSTRUCTION  OR  RENOVATION OF RESIDENTIAL AFFORDABLE
 HOUSING FOR CONVEYANCE TO HOUSEHOLDS THAT MEET CERTAIN  INCOME  REQUIRE-
 MENTS.
   (B)  "COMMUNITY LAND TRUST" MEANS A NONPROFIT ORGANIZATION EXEMPT FROM
 CERTAIN TAXES PURSUANT TO SECTION 501(C)(3) OR SECTION 501(C)(4) OF  THE
 UNITED  STATES  INTERNAL  REVENUE CODE AND/OR THAT IS INCORPORATED UNDER
 THE NOT-FOR-PROFIT CORPORATION LAW WHOSE PRIMARY PURPOSE IS  TO  PROVIDE
 AFFORDABLE  HOUSING  BY  OWNING  LAND AND LEASING OR SELLING RESIDENTIAL
 HOUSING SITUATED ON THAT LAND TO HOUSEHOLDS  THAT  MEET  CERTAIN  INCOME
 REQUIREMENTS.
   (C)  "LAND  BANK"  MEANS  AN ENTITY CREATED IN ACCORDANCE WITH ARTICLE
 SIXTEEN OF THE NOT-FOR-PROFIT CORPORATION LAW.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD00193-04-5
 A. 355--A                           2
 
   (D) "QUALIFIED LOW-INCOME HOUSEHOLD" MEANS A HOUSEHOLD WITH AN  INCOME
 UPON  INITIAL  OCCUPANCY  OF  THE  RESIDENTIAL PROPERTY OF NOT MORE THAN
 EIGHTY PERCENT OF THE AREA MEDIAN INCOME, AS  ANNUALLY  DEFINED  BY  THE
 UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND WHICH HAS
 AGREED  TO  OCCUPY  SUCH  RESIDENTIAL PROPERTY AS A PRIMARY RESIDENCE. A
 NONPROFIT HOUSING ORGANIZATION, COMMUNITY  LAND  TRUST,  LAND  BANK,  OR
 APPROPRIATE GOVERNMENTAL ENTITY SHALL CERTIFY THAT A HOUSEHOLD MEETS THE
 INCOME  AND  RESIDENCY  CRITERIA TO BE CONSIDERED A QUALIFIED LOW-INCOME
 HOUSEHOLD AND SHALL DETERMINE THE INCOME AND ASSETS THAT SHALL  BE  USED
 TO DETERMINE A HOUSEHOLD'S INCOME FOR ELIGIBILITY PURPOSES.
   2.  (A) RESIDENTIAL REAL PROPERTY SUBJECT TO A RESTRICTIVE COVENANT OR
 DECLARATION, LEGAL REQUIREMENT, REGULATORY AGREEMENT OR OTHER CONTRACTU-
 AL OBLIGATION WITH A GOVERNMENTAL ENTITY,  NONPROFIT  HOUSING  ORGANIZA-
 TION, OR LAND BANK, AND TRANSFERRED TO A QUALIFIED LOW-INCOME HOUSEHOLD,
 OR WHERE THE LAND IS TRANSFERRED TO A COMMUNITY LAND TRUST AND THE RESI-
 DENTIAL  BUILDING SITUATED ON THE LAND IS OR WILL BE LEASED OR SOLD TO A
 QUALIFIED LOW-INCOME HOUSEHOLD, SHALL BE EXEMPT AS PROVIDED IN PARAGRAPH
 (B) OF THIS SUBDIVISION FROM TAXATION LEVIED BY  OR  ON  BEHALF  OF  ANY
 COUNTY, CITY, TOWN, VILLAGE OR SCHOOL DISTRICT IN WHICH SUCH RESIDENTIAL
 REAL  PROPERTY  IS LOCATED, UNLESS A LEGISLATIVE BODY OR GOVERNING BOARD
 OF SUCH COUNTY, CITY, TOWN OR VILLAGE, AFTER PUBLIC  HEARING,  ADOPTS  A
 LOCAL  LAW,  OR A SCHOOL DISTRICT, OTHER THAN A SCHOOL DISTRICT TO WHICH
 ARTICLE FIFTY-TWO OF THE EDUCATION  LAW  APPLIES,  ADOPTS  A  RESOLUTION
 OPTING OUT OF THIS SUBDIVISION.
   (B)  THE  REAL PROPERTY TAX EXEMPTION AUTHORIZED PURSUANT TO PARAGRAPH
 (A) OF THIS SUBDIVISION SHALL BE AN AMOUNT THAT IS NOT LESS  THAN  TWEN-
 TY-FIVE PERCENT NOR MORE THAN SEVENTY-FIVE PERCENT OF THE ASSESSED VALUE
 OF THE RESIDENTIAL REAL PROPERTY.
   (C)  A  COPY  OF ANY LOCAL LAW OR RESOLUTION ADOPTED PURSUANT TO PARA-
 GRAPH (A) OF THIS SUBDIVISION SHALL BE FILED WITH THE  ASSESSOR  OF  THE
 COUNTY,  CITY,  TOWN,  OR  VILLAGE  THAT PREPARES THE ASSESSMENT ROLL ON
 WHICH THE TAXES OF SUCH COUNTY, CITY, TOWN, VILLAGE, OR SCHOOL  DISTRICT
 ARE LEVIED.
   3. (A) THE EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL BE DISCON-
 TINUED IF THE PROPERTY GRANTED SUCH EXEMPTION:
   (I) CEASES TO BE USED PRIMARILY FOR RESIDENTIAL PURPOSES; OR
   (II) CEASES TO BE USED AS A PRIMARY RESIDENCE; OR
   (III)  IS  TRANSFERRED  TO ANOTHER PERSON OR ENTITY, OTHER THAN TO ANY
 HEIRS OR DISTRIBUTEES OF THE OWNER THAT MEET THE REQUIREMENTS OF BEING A
 QUALIFIED LOW-INCOME HOUSEHOLD AT THE TIME OF SUCH TRANSFER.
   (B) UPON DETERMINING  THAT  AN  EXEMPTION  GRANTED  PURSUANT  TO  THIS
 SECTION  SHOULD  BE  DISCONTINUED,  THE  ASSESSOR SHALL MAIL A NOTICE SO
 STATING TO THE OWNER OR OWNERS THEREOF AT THE TIME  AND  IN  THE  MANNER
 PROVIDED  BY  SECTION  FIVE  HUNDRED  TEN OF THIS CHAPTER. SUCH OWNER OR
 OWNERS SHALL BE ENTITLED TO SEEK ADMINISTRATIVE AND JUDICIAL  REVIEW  OF
 SUCH  ACTION  IN  THE  MANNER  PROVIDED BY LAW, PROVIDED THAT THE BURDEN
 SHALL BE ON SUCH OWNER  OR  OWNERS  TO  ESTABLISH  ELIGIBILITY  FOR  THE
 EXEMPTION.
   4.  SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE OWNER
 OR OWNERS OF SUCH REAL PROPERTY ON A FORM PRESCRIBED BY THE  COMMISSION-
 ER.    THE  APPLICATION  SHALL BE FILED WITH THE ASSESSOR OF THE COUNTY,
 CITY, TOWN, OR VILLAGE HAVING THE POWER TO ASSESS PROPERTY FOR  TAXATION
 ON  OR  BEFORE THE APPROPRIATE TAXABLE STATUS DATE OF SUCH COUNTY, CITY,
 TOWN, OR VILLAGE.
   5. IF SATISFIED THAT THE APPLICANT IS ENTITLED TO AN EXEMPTION  PURSU-
 ANT  TO  THIS  SECTION,  THE ASSESSOR SHALL APPROVE THE APPLICATION, AND
 A. 355--A                           3
 
 SUCH RESIDENTIAL PROPERTY SHALL THEREAFTER BE EXEMPT FROM  TAXATION  AND
 SPECIAL  AD  VALOREM  LEVIES AS PROVIDED IN THIS SECTION COMMENCING WITH
 THE ASSESSMENT ROLL PREPARED ON THE BASIS OF  THE  TAXABLE  STATUS  DATE
 REFERRED  TO  IN SUBDIVISION FOUR OF THIS SECTION. THE ASSESSED VALUE OF
 ANY EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL BE ENTERED  BY  THE
 ASSESSOR  ON  THE  ASSESSMENT  ROLL  WITH THE TAXABLE PROPERTY, WITH THE
 AMOUNT OF THE EXEMPTION SHOWN IN A SEPARATE COLUMN.
   § 2. This act shall take effect immediately.

co-Sponsors

View additional co-sponsors

2025-A355B - Details

See Senate Version of this Bill:: S1718
Law Section:: Real Property Tax Law
Laws Affected:: Add §581-c, RPT L
Versions Introduced in 2023-2024 Legislative Session:: A6176, S6255

2025-A355B - Summary

2025-A355B - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  355--B
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by M. of A. BARRETT, GLICK, HYNDMAN, WOERNER, JONES, EACHUS,
   LUCAS, COLTON, SIMON, DAVILA, LUPARDO, BEEPHAN, SIMPSON --  read  once
   and  referred  to the Committee on Real Property Taxation -- committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee -- again reported from said  committee  with  amend-
   ments, ordered reprinted as amended and recommitted to said committee
 
 AN  ACT  to  amend  the  real  property  tax  law,  in relation to a tax
   exemption for residential real property transferred  to  a  low-income
   household or community land trust
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The real property tax  law  is  amended  by  adding  a  new
 section 457-a to read as follows:
   §  457-A. EXEMPTION FOR ELIGIBLE RESIDENTIAL PROPERTY TRANSFERRED TO A
 LOW-INCOME HOUSEHOLD. 1. AS USED IN THIS SECTION:
   (A) "NONPROFIT HOUSING ORGANIZATION" MEANS  A  NONPROFIT  ORGANIZATION
 EXEMPT  FROM  CERTAIN  TAXES  PURSUANT  TO  SECTION 501(C)(3) OR SECTION
 501(C)(4) OF THE UNITED STATES INTERNAL  REVENUE  CODE  AND/OR  THAT  IS
 INCORPORATED  UNDER  THE  NOT-FOR-PROFIT  CORPORATION  LAW WHOSE PRIMARY
 PURPOSE IS THE CONSTRUCTION  OR  RENOVATION  OF  RESIDENTIAL  AFFORDABLE
 HOUSING  FOR  CONVEYANCE TO HOUSEHOLDS THAT MEET CERTAIN INCOME REQUIRE-
 MENTS.
   (B) "COMMUNITY LAND TRUST" MEANS A NONPROFIT ORGANIZATION EXEMPT  FROM
 CERTAIN  TAXES PURSUANT TO SECTION 501(C)(3) OR SECTION 501(C)(4) OF THE
 UNITED STATE INTERNAL REVENUE CODE AND/OR THAT IS INCORPORATED UNDER THE
 NOT-FOR-PROFIT CORPORATION LAW  WHOSE  PRIMARY  PURPOSE  IS  TO  PROVIDE
 AFFORDABLE  HOUSING  BY  OWNING  LAND AND LEASING OR SELLING RESIDENTIAL
 HOUSING SITUATED ON THAT LAND TO HOUSEHOLDS  THAT  MEET  CERTAIN  INCOME
 REQUIREMENTS.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00193-08-5

 A. 355--B                           2
 
   (C)  "LAND  BANK"  MEANS  AN ENTITY CREATED IN ACCORDANCE WITH ARTICLE
 SIXTEEN OF THE NOT-FOR-PROFIT CORPORATION LAW.
   (D)  "QUALIFIED LOW-INCOME HOUSEHOLD" MEANS A HOUSEHOLD WITH AN INCOME
 UPON INITIAL OCCUPANCY OF THE RESIDENTIAL PROPERTY OF NOT  MORE  THAN  A
 WEIGHTED  AVERAGE  OF EIGHTY PERCENT OF THE AREA MEDIAN INCOME, ADJUSTED
 FOR FAMILY SIZE, AS ANNUALLY DEFINED BY THE UNITED STATES DEPARTMENT  OF
 HOUSING AND URBAN DEVELOPMENT, AND WHICH HAS AGREED TO OCCUPY SUCH RESI-
 DENTIAL  PROPERTY  AS  A  PRIMARY  RESIDENCE; PROVIDED FURTHER, THAT ANY
 LOCAL LAW OR  RESOLUTION  AUTHORIZING  AN  EXEMPTION  PURSUANT  TO  THIS
 SECTION  MAY  SPECIFY  A  MAXIMUM AREA MEDIAN INCOME WEIGHTED AVERAGE OF
 LESS THAN EIGHTY PERCENT  FOR  ELIGIBILITY  AS  A  QUALIFIED  LOW-INCOME
 HOUSEHOLD.  THE  NONPROFIT  HOUSING  ORGANIZATION, COMMUNITY LAND TRUST,
 LAND BANK, OR APPROPRIATE  GOVERNMENTAL  ENTITY  SHALL  CERTIFY  THAT  A
 HOUSEHOLD  MEETS  THE  INCOME  AND RESIDENCY CRITERIA TO BE CONSIDERED A
 QUALIFIED LOW-INCOME HOUSEHOLD AND SHALL DETERMINE THE INCOME AND ASSETS
 THAT SHALL BE USED TO DETERMINE A  HOUSEHOLD'S  INCOME  FOR  ELIGIBILITY
 PURPOSES.
   2.  (A) RESIDENTIAL REAL PROPERTY SUBJECT TO A RESTRICTIVE COVENANT OR
 DECLARATION, LEGAL REQUIREMENT, REGULATORY AGREEMENT OR OTHER CONTRACTU-
 AL OBLIGATION WITH A GOVERNMENTAL ENTITY,  NONPROFIT  HOUSING  ORGANIZA-
 TION, OR LAND BANK, AND TRANSFERRED TO A QUALIFIED LOW-INCOME HOUSEHOLD,
 OR WHERE THE LAND IS TRANSFERRED TO A COMMUNITY LAND TRUST AND THE RESI-
 DENTIAL  BUILDING  SITUATED ON THE LAND IS OR WILL BE LEASED TO A QUALI-
 FIED LOW-INCOME HOUSEHOLD AT A RATE AFFORDABLE TO SUCH QUALIFIED LOW-IN-
 COME HOUSEHOLD OR SOLD TO A QUALIFIED  LOW-INCOME  HOUSEHOLD,  SHALL  BE
 EXEMPT  AS  PROVIDED  IN PARAGRAPH (B) OF THIS SUBDIVISION FROM TAXATION
 LEVIED BY OR ON BEHALF OF ANY COUNTY,  CITY,  TOWN,  VILLAGE  OR  SCHOOL
 DISTRICT  IN  WHICH  SUCH  RESIDENTIAL PROPERTY IS LOCATED, PROVIDED THE
 LEGISLATIVE BODY OR GOVERNING  BOARD  OF  SUCH  COUNTY,  CITY,  TOWN  OR
 VILLAGE, AFTER PUBLIC HEARING, ADOPTS A LOCAL LAW, OR A SCHOOL DISTRICT,
 OTHER THAN A SCHOOL DISTRICT TO WHICH ARTICLE FIFTY-TWO OF THE EDUCATION
 LAW APPLIES, ADOPTS A RESOLUTION PROVIDING THEREFOR.
   (B)  THE  REAL  PROPERTY  TAX EXEMPTION SHALL BE AN AMOUNT THAT IS NOT
 LESS THAN TWENTY-FIVE PERCENT NOR MORE THAN SEVENTY-FIVE PERCENT OF  THE
 ASSESSED  VALUE OF THE PROPERTY AS PROVIDED IN LEGISLATION OR RESOLUTION
 PURSUANT TO PARAGRAPH (A) OF THIS SUBDIVISION.
   (C) A COPY OF ANY SUCH LOCAL LAW OR RESOLUTION SHALL BE FILED WITH THE
 ASSESSOR OF SUCH COUNTY, CITY, TOWN, OR VILLAGE WHO PREPARES THE ASSESS-
 MENT ROLL ON WHICH THE TAXES OF SUCH COUNTY,  CITY,  TOWN,  VILLAGE,  OR
 SCHOOL DISTRICT ARE LEVIED.
   3. (A) THE EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL BE DISCON-
 TINUED IN ANY OF THE FOLLOWING CIRCUMSTANCES:
   (I) IN THE EVENT THAT A PROPERTY GRANTED AN EXEMPTION PURSUANT TO THIS
 SECTION CEASES TO BE USED PRIMARILY FOR RESIDENTIAL PURPOSES;
   (II)  IN  THE  EVENT  THAT A PROPERTY GRANTED AN EXEMPTION PURSUANT TO
 THIS SECTION CEASES TO BE USED AS A PRIMARY RESIDENCE;
   (III) IN THE EVENT THAT A PROPERTY GRANTED AN  EXEMPTION  PURSUANT  TO
 THIS  SECTION IS TRANSFERRED, SOLD, OR LEASED TO ANOTHER PERSON OR ENTI-
 TY, OTHER THAN TO A QUALIFIED LOW-INCOME HOUSEHOLD AT THE TIME  OF  SUCH
 TRANSFER, SALE OR LEASE; OR
   (IV)  IN  THE  EVENT  THAT A PROPERTY GRANTED AN EXEMPTION PURSUANT TO
 THIS SECTION IS LEASED AT A RATE THAT IS NOT AFFORDABLE TO  A  QUALIFIED
 LOW-INCOME HOUSEHOLD.
   (B)  UPON  DETERMINING  THAT  AN  EXEMPTION  GRANTED  PURSUANT TO THIS
 SECTION SHOULD BE DISCONTINUED, THE ASSESSOR  SHALL  MAIL  A  NOTICE  SO
 STATING  TO  THE  OWNER  OR OWNERS THEREOF AT THE TIME AND IN THE MANNER
 A. 355--B                           3
 
 PROVIDED BY SECTION FIVE HUNDRED TEN OF  THIS  CHAPTER.  SUCH  OWNER  OR
 OWNERS  SHALL  BE ENTITLED TO SEEK ADMINISTRATIVE AND JUDICIAL REVIEW OF
 SUCH ACTION IN THE MANNER PROVIDED BY  LAW,  PROVIDED  THAT  THE  BURDEN
 SHALL  BE  ON  SUCH  OWNER  OR  OWNERS  TO ESTABLISH ELIGIBILITY FOR THE
 EXEMPTION.
   4. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE  OWNER
 OR  OWNERS OF SUCH REAL PROPERTY ON A FORM PRESCRIBED BY THE COMMISSION-
 ER. THE APPLICATION SHALL BE FILED WITH  THE  ASSESSOR  OF  THE  COUNTY,
 CITY,  TOWN, OR VILLAGE HAVING THE POWER TO ASSESS PROPERTY FOR TAXATION
 ON OR BEFORE THE APPROPRIATE TAXABLE STATUS DATE OF SUCH  COUNTY,  CITY,
 TOWN, OR VILLAGE.
   5.  IF SATISFIED THAT THE APPLICANT IS ENTITLED TO AN EXEMPTION PURSU-
 ANT TO THIS SECTION, THE ASSESSOR SHALL  APPROVE  THE  APPLICATION,  AND
 SUCH  RESIDENTIAL  PROPERTY SHALL THEREAFTER BE EXEMPT FROM TAXATION AND
 SPECIAL AD VALOREM LEVIES AS PROVIDED IN THIS  SECTION  COMMENCING  WITH
 THE  ASSESSMENT  ROLL  PREPARED  ON THE BASIS OF THE TAXABLE STATUS DATE
 REFERRED TO IN SUBDIVISION FOUR OF THIS SECTION. THE ASSESSED  VALUE  OF
 ANY  EXEMPTION  GRANTED PURSUANT TO THIS SECTION SHALL BE ENTERED BY THE
 ASSESSOR ON THE ASSESSMENT ROLL WITH  THE  TAXABLE  PROPERTY,  WITH  THE
 AMOUNT OF THE EXEMPTION SHOWN IN A SEPARATE COLUMN.
   §  2.  This  act  shall take effect on the sixtieth day after it shall
 have become a law.

co-Sponsors

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2025-A355C (ACTIVE) - Details

See Senate Version of this Bill:: S1718
Law Section:: Real Property Tax Law
Laws Affected:: Add §581-c, RPT L
Versions Introduced in 2023-2024 Legislative Session:: A6176, S6255

2025-A355C (ACTIVE) - Summary

2025-A355C (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  355--C
                                                            R. R. 108
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by M. of A. BARRETT, GLICK, HYNDMAN, WOERNER, JONES, EACHUS,
   LUCAS, COLTON, SIMON, DAVILA, LUPARDO, BEEPHAN, SIMPSON,  JACOBSON  --
   read  once  and referred to the Committee on Real Property Taxation --
   committee discharged, bill amended, ordered reprinted as  amended  and
   recommitted  to  said  committee -- again reported from said committee
   with amendments, ordered reprinted as amended and recommitted to  said
   committee  -- reported and referred to the Committee on Ways and Means
   -- reported and referred to the Committee on Rules  --  ordered  to  a
   third  reading,  passed  by  Assembly  and  delivered  to  the Senate,
   recalled from the Senate, vote  reconsidered,  bill  amended,  ordered
   reprinted, retaining its place on the special order of third reading
 
 AN  ACT  to  amend  the  real property tax law, in relation to partially
   exempting from taxation certain residential real property  transferred
   to low-income households
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The real property tax  law  is  amended  by  adding  a  new
 section 457-a to read as follows:
   §  457-A. EXEMPTION FOR ELIGIBLE RESIDENTIAL PROPERTY TRANSFERRED TO A
 LOW-INCOME HOUSEHOLD. 1. AS USED IN THIS SECTION:
   (A) "NONPROFIT HOUSING ORGANIZATION" MEANS  A  NONPROFIT  ORGANIZATION
 EXEMPT  FROM  CERTAIN  TAXES  PURSUANT  TO  SECTION 501(C)(3) OR SECTION
 501(C)(4) OF THE UNITED STATES INTERNAL  REVENUE  CODE  AND/OR  THAT  IS
 INCORPORATED  UNDER  THE  NOT-FOR-PROFIT  CORPORATION  LAW WHOSE PRIMARY
 PURPOSE IS THE CONSTRUCTION  OR  RENOVATION  OF  RESIDENTIAL  AFFORDABLE
 HOUSING  FOR  CONVEYANCE TO HOUSEHOLDS THAT MEET CERTAIN INCOME REQUIRE-
 MENTS.
   (B) "COMMUNITY LAND TRUST" MEANS A NONPROFIT ORGANIZATION EXEMPT  FROM
 CERTAIN  TAXES PURSUANT TO SECTION 501(C)(3) OR SECTION 501(C)(4) OF THE
 UNITED STATES INTERNAL REVENUE CODE AND/OR THAT  IS  INCORPORATED  UNDER
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD00193-13-5
 A. 355--C                           2
 
 THE  NOT-FOR-PROFIT  CORPORATION LAW WHOSE PRIMARY PURPOSE IS TO PROVIDE
 AFFORDABLE HOUSING BY OWNING LAND AND  LEASING  OR  SELLING  RESIDENTIAL
 HOUSING  SITUATED  ON  THAT  LAND TO HOUSEHOLDS THAT MEET CERTAIN INCOME
 REQUIREMENTS.
   (C)  "LAND  BANK"  MEANS  AN ENTITY CREATED IN ACCORDANCE WITH ARTICLE
 SIXTEEN OF THE NOT-FOR-PROFIT CORPORATION LAW.
   (D) "QUALIFIED LOW-INCOME HOUSEHOLD" MEANS A HOUSEHOLD WITH AN  INCOME
 UPON  INITIAL  OCCUPANCY  OF  THE  RESIDENTIAL PROPERTY OF NOT MORE THAN
 EIGHTY PERCENT OF THE AREA MEDIAN INCOME, AS  ANNUALLY  DEFINED  BY  THE
 UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, AND WHICH HAS
 AGREED  TO  OCCUPY  SUCH  RESIDENTIAL PROPERTY AS A PRIMARY RESIDENCE. A
 NONPROFIT HOUSING ORGANIZATION, COMMUNITY  LAND  TRUST,  LAND  BANK,  OR
 APPROPRIATE GOVERNMENTAL ENTITY SHALL CERTIFY THAT A HOUSEHOLD MEETS THE
 INCOME  AND  RESIDENCY  CRITERIA TO BE CONSIDERED A QUALIFIED LOW-INCOME
 HOUSEHOLD AND SHALL DETERMINE THE INCOME AND ASSETS THAT SHALL  BE  USED
 TO DETERMINE A HOUSEHOLD'S INCOME FOR ELIGIBILITY PURPOSES.
   2.  (A) RESIDENTIAL REAL PROPERTY SUBJECT TO A RESTRICTIVE COVENANT OR
 DECLARATION, LEGAL REQUIREMENT, REGULATORY AGREEMENT OR OTHER CONTRACTU-
 AL OBLIGATION WITH A GOVERNMENTAL ENTITY,  NONPROFIT  HOUSING  ORGANIZA-
 TION, OR LAND BANK, AND TRANSFERRED TO A QUALIFIED LOW-INCOME HOUSEHOLD,
 OR WHERE THE LAND IS TRANSFERRED TO A COMMUNITY LAND TRUST AND THE RESI-
 DENTIAL  BUILDING SITUATED ON THE LAND IS OR WILL BE LEASED OR SOLD TO A
 QUALIFIED LOW-INCOME HOUSEHOLD, SHALL BE EXEMPT AS PROVIDED IN PARAGRAPH
 (B) OF THIS SUBDIVISION FROM TAXATION LEVIED BY  OR  ON  BEHALF  OF  ANY
 COUNTY, CITY, TOWN, VILLAGE OR SCHOOL DISTRICT IN WHICH SUCH RESIDENTIAL
 REAL  PROPERTY  IS  LOCATED,  PROVIDED THE LEGISLATIVE BODY OR GOVERNING
 BOARD OF SUCH COUNTY, CITY,  TOWN  OR  VILLAGE,  AFTER  PUBLIC  HEARING,
 ADOPTS  A  LOCAL LAW, OR A SCHOOL DISTRICT, OTHER THAN A SCHOOL DISTRICT
 TO WHICH ARTICLE FIFTY-TWO OF THE EDUCATION LAW APPLIES, ADOPTS A RESOL-
 UTION OPTING IN TO THIS SUBDIVISION.
   (B) THE REAL PROPERTY TAX EXEMPTION AUTHORIZED PURSUANT  TO  PARAGRAPH
 (A)  OF  THIS SUBDIVISION SHALL BE AN AMOUNT THAT IS NOT LESS THAN TWEN-
 TY-FIVE PERCENT NOR MORE THAN SEVENTY-FIVE PERCENT OF THE ASSESSED VALUE
 OF THE RESIDENTIAL REAL PROPERTY.
   (C) A COPY OF ANY LOCAL LAW OR RESOLUTION ADOPTED  PURSUANT  TO  PARA-
 GRAPH  (A)  OF  THIS SUBDIVISION SHALL BE FILED WITH THE ASSESSOR OF THE
 COUNTY, CITY, TOWN, OR VILLAGE THAT  PREPARES  THE  ASSESSMENT  ROLL  ON
 WHICH  THE TAXES OF SUCH COUNTY, CITY, TOWN, VILLAGE, OR SCHOOL DISTRICT
 ARE LEVIED.
   3. (A) THE EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL BE DISCON-
 TINUED IF THE PROPERTY GRANTED SUCH EXEMPTION:
   (I) CEASES TO BE USED PRIMARILY FOR RESIDENTIAL PURPOSES; OR
   (II) CEASES TO BE USED AS A PRIMARY RESIDENCE; OR
   (III) IS TRANSFERRED TO ANOTHER PERSON OR ENTITY, OTHER  THAN  TO  ANY
 HEIRS OR DISTRIBUTEES OF THE OWNER THAT MEET THE REQUIREMENTS OF BEING A
 QUALIFIED LOW-INCOME HOUSEHOLD AT THE TIME OF SUCH TRANSFER.
   (B)  UPON  DETERMINING  THAT  AN  EXEMPTION  GRANTED  PURSUANT TO THIS
 SECTION SHOULD BE DISCONTINUED, THE ASSESSOR  SHALL  MAIL  A  NOTICE  SO
 STATING  TO  THE  OWNER  OR OWNERS THEREOF AT THE TIME AND IN THE MANNER
 PROVIDED BY SECTION FIVE HUNDRED TEN OF  THIS  CHAPTER.  SUCH  OWNER  OR
 OWNERS  SHALL  BE ENTITLED TO SEEK ADMINISTRATIVE AND JUDICIAL REVIEW OF
 SUCH ACTION IN THE MANNER PROVIDED BY  LAW,  PROVIDED  THAT  THE  BURDEN
 SHALL  BE  ON  SUCH  OWNER  OR  OWNERS  TO ESTABLISH ELIGIBILITY FOR THE
 EXEMPTION.
   4. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE  OWNER
 OR  OWNERS OF SUCH REAL PROPERTY ON A FORM PRESCRIBED BY THE COMMISSION-
 A. 355--C                           3
 
 ER.  THE APPLICATION SHALL BE FILED WITH THE  ASSESSOR  OF  THE  COUNTY,
 CITY,  TOWN, OR VILLAGE HAVING THE POWER TO ASSESS PROPERTY FOR TAXATION
 ON OR BEFORE THE APPROPRIATE TAXABLE STATUS DATE OF SUCH  COUNTY,  CITY,
 TOWN, OR VILLAGE.
   5.  IF SATISFIED THAT THE APPLICANT IS ENTITLED TO AN EXEMPTION PURSU-
 ANT TO THIS SECTION, THE ASSESSOR SHALL  APPROVE  THE  APPLICATION,  AND
 SUCH  RESIDENTIAL  PROPERTY SHALL THEREAFTER BE EXEMPT FROM TAXATION AND
 SPECIAL AD VALOREM LEVIES AS PROVIDED IN THIS  SECTION  COMMENCING  WITH
 THE  ASSESSMENT  ROLL  PREPARED  ON THE BASIS OF THE TAXABLE STATUS DATE
 REFERRED TO IN SUBDIVISION FOUR OF THIS SECTION. THE ASSESSED  VALUE  OF
 ANY  EXEMPTION  GRANTED PURSUANT TO THIS SECTION SHALL BE ENTERED BY THE
 ASSESSOR ON THE ASSESSMENT ROLL WITH  THE  TAXABLE  PROPERTY,  WITH  THE
 AMOUNT OF THE EXEMPTION SHOWN IN A SEPARATE COLUMN.
   § 2. This act shall take effect immediately.

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Assembly Bill A355

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Sponsored By

BARRETT

Current Bill Status - Passed Senate & Assembly

Bill Amendments

co-Sponsors

Deborah Glick

Alicia Hyndman

Carrie Woerner

Billy Jones

2025-A355 - Details

2025-A355 - Summary

2025-A355 - Bill Text download pdf

co-Sponsors

Deborah Glick

Alicia Hyndman

Carrie Woerner

Billy Jones

2025-A355A - Details

2025-A355A - Summary

2025-A355A - Bill Text download pdf

co-Sponsors

Deborah Glick

Alicia Hyndman

Carrie Woerner

Billy Jones

2025-A355B - Details

2025-A355B - Summary

2025-A355B - Bill Text download pdf

co-Sponsors

Deborah Glick

Alicia Hyndman

Carrie Woerner

Billy Jones

2025-A355C (ACTIVE) - Details

2025-A355C (ACTIVE) - Summary

2025-A355C (ACTIVE) - Bill Text download pdf

Comments