Budget & Taxes

This bill creates a new tax relief program for homeowners and small businesses in New York municipalities affected by disasters. It allows eligible properties (owner-occupied homes with three or fewer units, or qualifying small businesses) to receive reduced property taxes after a declared local or major disaster, provided the property suffered significant damage (minimum 50% value loss). Municipalities must pass local laws authorizing the relief, setting a maximum tax reduction amount and specifying how long the relief applies. The program only covers properties impacted after January 1, 2020, and requires local governments to establish application deadlines.

Establishes eligibility for a tax exemption on real property for enrolled members of ocean rescue squads in certain municipalities; repeals a section of law relating to the eligibility of enrolled members of Southampton Village Ocean Rescue for a tax exemption on real property.