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.
STATE OF NEW YORK
________________________________________________________________________
11484
IN ASSEMBLY
May 27, 2026
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Eichenstein)
-- read once and referred to the Committee on Real Property Taxation
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:
1 Section 1. Paragraphs (d) and (rr) of subdivision 1 of section 485-x
2 of the real property tax law, as added by section 1 of part U of chapter
3 56 of the laws of 2024, is amended to read as follows:
4 (d) "Affordability option D" shall mean a homeownership project in
5 which one hundred percent of the units shall have an average assessed
6 value per square foot that does not exceed eighty-nine dollars upon the
7 first assessment following the completion date and where [each owner] at
8 least sixty percent of the owners of any such [unit] units shall agree,
9 in writing, to maintain such unit as their primary residence for no less
10 than five years from the acquisition of such unit; provided, however,
11 that any unit who has not signed such an agreement shall not be eligible
12 for any exemption of taxes pursuant to paragraph (e) of subdivision two
13 of this section.
14 (rr) "Twenty year benefit" shall mean: (i) for the construction peri-
15 od, a one hundred percent exemption from real property taxation, other
16 than assessments for local improvements; (ii) for the first fourteen
17 years of the restriction period, a one hundred percent exemption from
18 real property taxation, other than assessments for local improvements,
19 provided, however, that no exemption shall be given for: (A) any portion
20 of the square footage of a unit with an assessed value that exceeds
21 eighty-nine dollars per square foot; or (B) any unit who has not agreed
22 in writing to maintain such unit as their primary residence for no less
23 than five years from the acquisition of such unit; and (iii) for the
24 final six years of the restriction period, a twenty-five percent
25 exemption from real property taxation, other than assessments for: (A)
26 local improvements, provided, however, that no exemption shall be given
27 for any portion of the square footage of a unit with an assessed value
28 that exceeds eighty-nine dollars per square foot; or (B) any unit who
29 has not agreed in writing to maintain such unit as their primary resi-
30 dence for no less than five years from the acquisition of such unit.
31 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD15933-01-6
