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Senate Bill S10500

2025-2026 Legislative Session

Relates to affordable housing in New York city

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Sponsored By

Current Bill Status - In Senate Committee Local Government Committee

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2025-S10500 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §485-x, RPT L

2025-S10500 (ACTIVE) - Summary

Provides that no tax exemption shall be given for any unit that has not agreed in writing to maintain such unit as their primary residence for no less than five years from the acquisition of such unit.

2025-S10500 (ACTIVE) - Sponsor Memo

2025-S10500 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10500
 
                             I N  S E N A T E
 
                               May 15, 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 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. Paragraphs (d) and (rr) 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 dollars upon the
 first assessment following the completion date and where [each owner] AT
 LEAST SIXTY PERCENT OF THE OWNERS of any such [unit] UNITS shall  agree,
 in writing, to maintain such unit as their primary residence for no less
 than  five  years  from the acquisition of such unit; PROVIDED, HOWEVER,
 THAT ANY UNIT WHO HAS NOT SIGNED SUCH AN AGREEMENT SHALL NOT BE ELIGIBLE
 FOR ANY EXEMPTION OF TAXES PURSUANT TO PARAGRAPH (E) OF SUBDIVISION  TWO
 OF THIS SECTION.
   (rr)  "Twenty year benefit" shall mean: (i) for the construction peri-
 od, a one hundred percent exemption from real property  taxation,  other
 than  assessments  for  local  improvements; (ii) for the first fourteen
 years of the restriction period, a one hundred  percent  exemption  from
 real  property  taxation, other than assessments for local improvements,
 provided, however, that no exemption shall be given for: (A) any portion
 of the square footage of a unit with  an  assessed  value  that  exceeds
 eighty-nine  dollars per square foot; OR (B) ANY UNIT WHO HAS NOT AGREED
 IN WRITING TO MAINTAIN SUCH UNIT AS THEIR PRIMARY RESIDENCE FOR NO  LESS
 THAN  FIVE  YEARS  FROM  THE ACQUISITION OF SUCH UNIT; and (iii) for the
 final six  years  of  the  restriction  period,  a  twenty-five  percent
 exemption  from  real property taxation, other than assessments for: (A)
 local improvements, provided, however, that no exemption shall be  given
 for  any  portion of the square footage of a unit with an assessed value
 that exceeds eighty-nine dollars per square foot; OR (B)  ANY  UNIT  WHO
 HAS  NOT  AGREED IN WRITING TO MAINTAIN SUCH UNIT AS THEIR PRIMARY RESI-
 DENCE FOR NO LESS THAN FIVE YEARS FROM THE ACQUISITION OF SUCH UNIT.
   § 2. This act shall take effect immediately.

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