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Senate Bill S10345

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 Senate Committee Local Government Committee

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2025-S10345 (ACTIVE) - Details

See Assembly Version of this Bill:
A11314
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §485-x, RPT L

2025-S10345 (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-S10345 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10345
 
                             I N  S E N A T E
 
                               May 14, 2026
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 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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