S 10500 NY

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Bill No.: Summary Actions Committee&nbspVotes Floor&nbspVotes Memo Text LFIN Chamber&nbspVideo/Transcript S10500 Summary: BILL NO S10500 &nbsp SAME AS SAME AS A11484

&nbsp SPONSOR GOUNARDES &nbsp COSPNSR &nbsp MLTSPNSR &nbsp Amd §485-x, RPT L &nbsp 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.

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STATE OF NEW YORK ________________________________________________________________________

10500

IN SENATE

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:

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

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