Senate Bill S8838

2023-2024 Legislative Session

Enacts the "homebuyer renovation property tax exemption act"

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Finance Committee


  • 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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2023-S8838 (ACTIVE) - Details

See Assembly Version of this Bill:
A9710
Current Committee:
Senate Finance
Law Section:
Real Property Tax Law
Laws Affected:
Add §421-p, RPT L

2023-S8838 (ACTIVE) - Summary

Enacts the "homebuyer renovation property tax exemption act" to grant an exemption of up to fifteen thousand dollars from taxation levied by or on behalf of any county, city, town, village or school district in which such residential property is located for a period of five years from the date of purchase of the property; defines "primary residential property".

2023-S8838 (ACTIVE) - Sponsor Memo

2023-S8838 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8838
 
                             I N  S E N A T E
 
                              March 19, 2024
                                ___________
 
 Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
   printed to be committed to the Committee on Housing, Construction  and
   Community Development
 
 AN  ACT  to amend the real property tax law, in relation to enacting the
   "homebuyer renovation property tax exemption act"
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Short  title. This act shall be known and may be cited as
 the "homebuyer renovation property tax exemption act".
   § 2. Legislative findings. The legislature  finds  that  much  of  New
 York's current housing stock is old and in need of repair, yet often the
 repairs  are  beyond  the  financial capability of many homeowners. This
 bill would give homeowners who  invest  in  their  property  needed  tax
 relief  for  a  period of five years to allow them to recoup the invest-
 ments made in their property and incentivize the revitalization  of  our
 existing  housing stock. This incentive will bring abandoned and dilapi-
 dated homes back to life and  help  expand  the  housing  stock  of  the
 future.
   §  3.  The  real  property  tax law is amended by adding a new section
 421-p to read as follows:
   § 421-P. EXEMPTION FOR RENOVATED HOMES. 1. PRIMARY RESIDENTIAL PROPER-
 TY PURCHASED AFTER THE EFFECTIVE DATE OF THIS SECTION  BY  ONE  OR  MORE
 PERSONS,  WHO  EITHER  AS  PART  OF THE WRITTEN CONTRACT FOR SALE OF THE
 PRIMARY RESIDENTIAL PROPERTY, OR WHO  ENTERS  INTO  A  WRITTEN  CONTRACT
 WITHIN  ONE HUNDRED EIGHTY DAYS AFTER CLOSING OF THE SALE OF THE PRIMARY
 RESIDENCE FOR RECONSTRUCTION, ALTERATION OR IMPROVEMENTS, THE  VALUE  OF
 WHICH EXCEEDS FIFTEEN THOUSAND DOLLARS, TO THE PRIMARY RESIDENTIAL PROP-
 ERTY,  SHALL BE EXEMPT FROM TAXATION LEVIED BY OR ON BEHALF OF ANY COUN-
 TY, CITY, TOWN, VILLAGE OR SCHOOL DISTRICT  IN  WHICH  SUCH  RESIDENTIAL
 PROPERTY IS LOCATED FOR A PERIOD OF FIVE YEARS FROM THE DATE OF PURCHASE
 OF  THE  PROPERTY.  SUCH EXEMPTION SHALL APPLY SOLELY TO THE INCREASE IN
 ASSESSED VALUE THEREOF ATTRIBUTABLE TO SUCH RECONSTRUCTION,  ALTERATION,
 OR  IMPROVEMENT.  FOR  THE  PURPOSES OF THIS SECTION, THE PURCHASE OF AN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14933-01-4
              

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