Establishes the 13 member temporary state commission on New York city property tax reform to propose property tax reform for the city of New York that promotes fairness, clarity, and simplicity; that eliminates structural inequality and taxes similar properties similarly; that encourages the development and preservation of affordable and multifamily housing; that includes owner relief programs and an approach to transition that insures low- and moderate-income owners have affordable tax bills and that primary residents are not displaced from their homes; and that does not diminish revenue for the city of New York.
Relates to a rebate against real property taxes for certain owners of real property in the city of New York for the fiscal year commencing July 1, 2024.
Repeals the provision of law that volunteer firefighters and ambulance workers who receive a real property tax exemption for service may not receive the income tax credit for such service.
Allows localities the option to exclude income from any disability pension or benefit in computation of income for purposes of determining eligibility for the partial real property tax exemption granted to persons 65 years of age or over.
Repeals the tax exempt status of private universities that received real property tax exemptions of one hundred million dollars or more during the prior fiscal year.
This bill modifies New York's real property tax law to provide tax abatements (reductions in property tax bills) for households where the head of household has a disability. It sets specific income limits: households with disability-related benefits like SSI or SSDI must have combined income under $29,000, while others face a $50,000 threshold, all based on federal disability benefit guidelines. Municipalities can maintain existing local tax abatement rules without new public hearings. The policy directly affects low-to-moderate-income disabled residents and their households seeking property tax relief.
This bill prohibits property tax exemptions for owners of commercial storefronts that have been vacant or unoccupied for two years or longer. It directly affects commercial property owners who own ground-floor retail spaces used for selling goods or services but have not maintained regular business activity. The law defines "vacant" as having minimal objects present and "unoccupied" as lacking people regularly conducting business on the premises. The rule applies immediately to all tax assessments based on property status after the effective date.
This bill expands New York's property tax exemption for veterans to include active-duty military members. It defines "active military service" to cover full-time duty in all U.S. military branches (Army, Navy, Air Force, Coast Guard), allowing currently serving personnel to qualify. Local governments must adopt separate resolutions after public hearings to extend the exemption to these active-duty members, distinct from existing veteran exemptions. The changes apply to property tax assessments starting January 1 after the bill takes effect.
Subjects to taxation the possessory interest of a private individual or corporation which uses real property owned by the United States or the state, except for real property owned by public authorities, for business purposes; excludes private property where the use is for a concession available to the general public located on property, such as parks, available for the use of the general public.
Authorizes the commissioner of taxation and finance to establish segment special equalization rates starting in fiscal year 2026 for the Amityville Union Free School District and Farmingdale Union Free School District for the segments of the districts in the towns of Babylon and Oyster Bay.
