S 5968 NY

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This bill increases the homestead exemption in New York from one hundred fifty thousand dollars to two hundred fifty thousand dollars. A homestead exemption protects a primary residence from being seized to satisfy certain civil court judgments against the homeowner. By raising the exemption threshold from $150,000 to $250,000, the bill provides greater protection for homeowners' primary residences against creditor claims. The homestead exemption applies to home equity; the new limit means primary residences worth up to $250,000 can be protected from judgment liens. This change may benefit homeowners facing lawsuits or creditor actions by preserving more home equity.

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