Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization, land bank or community land trust to low-income household

Property tax relief for low-income households

New York creates a property tax exemption covering 25% to 75% of a qualifying home's assessed value. It covers participating jurisdictions' property taxes and applicable special levies based on property value, not every charge. Each county, city, town or village must opt in by local law after a public hearing. Eligible school districts must opt in by resolution; districts covered by Article 52 of the Education Law are excluded. Homes must be transferred to eligible households with binding restrictions involving a government, nonprofit housing organization or land bank. Land transferred to a community land trust also qualifies when its residential building is leased or sold to an eligible household. At move-in, household income must be no more than 80% of the area's median income, as HUD defines annually. The home must be the household's main residence. An eligible government, nonprofit housing organization, land bank or community land trust must certify income and residency eligibility. That entity also determines which income and assets count. Owners must apply on the state's form by the local taxable status date. Approved relief starts with the assessment roll based on that date. Relief ends when the property stops being mainly residential, stops being a main home, or is transferred. Transfers to heirs or other inheritors preserve relief only when they qualify as low-income households at transfer. The assessor must mail notice when relief ends; owners can challenge that decision but must prove eligibility. The law takes effect immediately.