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Assembly Bill A7943

2025-2026 Legislative Session

Provides for a real property tax exemption for property owned by certain limited liability companies

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Current Bill Status - In Assembly Committee

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2025-A7943 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §425, RPT L

2025-A7943 (ACTIVE) - Summary

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.

2025-A7943 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7943
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              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:
 
   Section  1.  Subdivision 3 of section 425 of the real property tax law
 is amended by adding a new paragraph (e-1) to read as follows:
   (E-1) DWELLINGS OWNED BY CERTAIN LIMITED LIABILITY COMPANIES. IF LEGAL
 TITLE TO A DWELLING IS HELD BY A SINGLE-MEMBER LIMITED LIABILITY  COMPA-
 NY, THE EXEMPTION SHALL BE GRANTED IF THE PROPERTY SERVES AS THE PRIMARY
 RESIDENCE OF THE MEMBER OF SUCH LIMITED LIABILITY COMPANY.
   § 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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