New YorkA 67702025-2026 Regular SessionHouseWALLET

Relates to the applicability of the residential redevelopment inhibited property exemption

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 4 benefits, 1 costs, 0 mixed.

How the exemption cuts your taxes

The exemption removes the extra taxes caused by demolition, alteration, rehabilitation, or cleanup work. It equals the taxes on the new assessment minus the taxes on the base assessment. Special assessments are not covered. Savings apply to taxes and special ad valorem levies tied to the increase in value from the work.

More towns can offer rehab tax break

This law makes the exemption available in any city, town, or village in New York. A county can copy the local exemption after a public hearing and by passing a local law. A school district can also copy it by board resolution. When they act, county or school taxes are reduced the same way and to the same extent as the town or city’s exemption.

Which homes qualify for this break

Your city, town, or village can mark a property as “redevelopment inhibited” if one or more rules are met. Examples: the municipality took title under RPAPL article 19‑A, the home has been vacant for at least 3 years, it was taken by tax foreclosure under RPTL article 11, or code violations cost more to fix than the home is worth. The home must be a one‑ to four‑unit residence. It must be the primary home of the owner or a tenant.

When the tax break can end

The owner must file a yearly affidavit by the taxable status date stating the home is still a primary residence. The break ends if the home is not the owner’s or a tenant’s main home, if the affidavit is not filed, or if the building stops being one‑ to four‑units. It also ends if the owner is convicted of certain state or local code violations. When it ends, the property can be fully taxed again.

Apply within 3 years of work

The owner must apply on the local form by the taxable status date and within 3 years after the work is finished. The applicant does not need to be the person who did the work. If the assessor approves, savings start with the next assessment roll. Once granted, the exemption runs with the land for the set period.

Sponsors & Cosponsors

Sponsor

Judy Griffin
Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 58 • No: 3

House vote • 4/29/2025

FLOOR Vote