Budget & Taxes (Property Tax)

in committee · New York · Senate Jan 7, 2026

S 7091: Directs a city with a population of one million or more to reduce its real property tax levy

Directs a city with a population of one million or more to reduce its real property tax levy for the 2026 fiscal year by an amount not less than the real property tax increase authorized pursuant to local law 40 of the city of New York for the year 2002.

Topics ✓ Budget & TaxesSupports Budget & TaxesMandates tax levy reduction for property taxes, providing direct tax relief per bill's explicit language.95% confidence

Sub-Topics Property Tax

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passed · New York · Senate May 18, 2026

S 2470: Provides for a tax abatement for electric energy storage equipment

S 2470 provides a tax abatement for electric energy storage equipment placed in service between January 1, 2027, and January 1, 2029. It directly affects property owners or businesses installing qualifying energy storage systems during that window by offering a 10% tax break on eligible equipment costs, capped at $62,500 annually. The abatement is limited to the lesser of 10% of installation costs, the annual property tax bill, or the $62,500 cap. This policy aims to incentivize adoption of energy storage systems by reducing upfront financial barriers during a specific two-year period. The bill passed the Senate in May 2025 and is now in the Assembly for review.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax abatement (10% break) for energy storage equipment, incentivizing adoption through tax relief, aligning with 'support' indicators.90% confidence ✓ EnergySupports EnergyProvides tax incentives for energy storage equipment, directly promoting renewable energy infrastructure adoption and reducing costs for businesses installing qualifying systems.95% confidence

Sub-Topics Property Tax Tax Incentives Energy Storage

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in committee · New York · Assembly Jan 7, 2026

A 3812: Relates to the taxation of property owned by a cooperative corporation

This bill modifies property tax rules for cooperative corporations and condominiums. It allows eligible properties (owned by cooperatives or on a condo basis in a municipality) to avoid certain tax provisions if the owner adopts a local law or resolution before the tax assessment date. However, this exemption does not apply to properties already taxed under those rules before January 1, 2027, or those in affordable housing programs with federal/state/local housing agreements. The changes apply to tax assessments starting January 1, 2027.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax exemption for cooperative/condo properties, reducing tax burden (tax relief) for eligible owners, aligning with support indicators.90% confidence ✓ HousingSupports HousingExcludes affordable housing programs from tax changes, protecting existing affordable units from potential tax increases under the bill's provisions.90% confidence

Sub-Topics Property Tax Affordable Housing Property Taxes

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in committee · New York · Assembly Jun 13, 2025

A 8629: Relates to the determination of adjusted base proportions in special assessing units which are cities

This bill sets a 5% maximum annual limit on property tax base increases for cities (special assessing units) in their 2026 fiscal year. It allows city legislatures to determine the exact percentage increase (up to 5%) by December 1, 2025, replacing prior calculation rules. Cities must revise tax bills, rates, and send amended bills if they issued them before the law takes effect, but taxpayers remain responsible for payments due before the correction. The change directly affects all cities that collect property taxes under this specific tax law provision.

Topics ✗ Budget & TaxesOpposes Budget & TaxesBill caps annual property tax base increases at 5% for cities, restricting potential tax revenue growth from base adjustments.95% confidence

Sub-Topics Property Tax

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in committee · New York · Senate Jan 7, 2026

S 2373: Sets a 7 year limit to the real property tax exemption for unimproved property of mandatory class nonprofit organizations

This bill limits the real property tax exemption for unimproved land owned by certain nonprofit organizations to a 7-year period. Nonprofits must either begin development or have plans in place within 7 years of acquiring the land (with a special start date for pre-existing land), or lose the exemption. Exceptions apply for children's camps (as defined in public health law) and conservation organizations (as defined in environmental law). The law requires nonprofits to actively develop land within this timeframe to maintain the tax benefit.

Topics ✓ Budget & TaxesSupports Budget & TaxesCloses tax loophole for nonprofit property exemptions, requiring development within 7 years to maintain tax benefit, increasing government revenue.95% confidence ✓ HousingSupports HousingBill requires nonprofits to develop land within 7 years to maintain tax exemption, promoting housing development by preventing land hoarding and encouraging timely use of unimproved property.80% confidence

Sub-Topics Property Tax Tax Incentives Property Development Property Taxes

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in committee · New York · Assembly Jan 7, 2026

A 5365: Relates to the amount of the allowable levy growth factor and the percentage of votes needed to override the tax levy limit

This bill modifies tax levy rules for local governments and school districts. It establishes a minimum annual tax levy growth rate of 2% (or the inflation rate, whichever is higher) and reduces the voter approval threshold for overriding the tax levy cap from 60% to a simple majority (over 50%). These changes apply to all local governments and school districts seeking to exceed the statutory tax levy limit. The bill amends sections of the General Municipal Law and Education Law to implement these provisions.

Topics ✓ Budget & TaxesSupports Budget & TaxesLowers voter threshold for tax levy overrides and sets minimum growth rate, enabling more local tax revenue for public services.90% confidence ✓ EducationSupports EducationLowers voter threshold for school tax overrides (60%→50%+), enabling easier funding increases for K-12 districts by reducing barriers to exceed tax levy limits.95% confidence

Sub-Topics Property Tax

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signed · New York · Senate Dec 19, 2025

S 683: Establishes a real property tax exemption for surviving spouses of police officers killed in the line of duty

This bill creates a 50% property tax exemption on the primary residence of surviving spouses whose police officer spouse died while performing duty. It directly affects surviving spouses of officers killed in the line of duty, providing immediate tax relief on their home. The exemption applies to the assessed value of the primary residence, with local governments allowed to reduce the percentage. The law requires local authorities to adopt specific resolutions to implement the exemption and establishes documentation standards through the state's criminal justice and tax services divisions.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides 50% property tax exemption for surviving spouses, reducing tax burden for a specific group, aligning with tax relief support indicator.95% confidence

Sub-Topics Property Tax Tax Incentives

in committee · New York · Assembly Jan 7, 2026

A 1758: Authorizes municipalities to establish a history, arts, and culture levy

Authorizes municipalities to establish a history, arts, and culture levy to support history, arts, and culture; exempts such levy from the real property tax levy limit.

Topics ✓ Budget & TaxesSupports Budget & TaxesAuthorizes municipalities to create a new tax levy for arts/culture funding, exempt from property tax limits, enabling increased local spending on cultural programs.95% confidence

Sub-Topics Property Tax

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in committee · New York · Senate Mar 19, 2026

S 8489: Establishes a real property tax freeze credit

This bill creates a property tax credit for homeowners in school districts and certain local governments that maintain stable property tax budgets (called "freeze-compliant budgets") for 2026 through 2028. Homeowners whose primary residence is in an eligible district can receive a credit equal to either the actual increase in their school district taxes or a calculated amount based on the district's allowable tax growth rate, whichever is larger. The credit applies to taxes paid directly to school districts or other eligible local governments (like towns or villages), but excludes cities with over one million residents. It only benefits taxpayers in districts that meet specific budget stability requirements for the specified years.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides property tax relief for homeowners in districts maintaining stable budgets, reducing tax burden and promoting fiscal responsibility in local government spending.95% confidence

Sub-Topics Property Tax Tax Credits

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in committee · New York · Assembly Jan 7, 2026

A 5149: Relates to school property and real property taxes

Relates to school property and real property taxes; establishes the blue ribbon commission on property tax reform; relates to state assistance for local real property reassessment, state assistance to assessing units within a school district, providing a fixed real property assessed value for residential real property owned by certain persons over the age of 65 and providing state reimbursement to municipalities for lost real property tax revenue; requires the state to fund certain programs mandated for municipal corporations or school districts.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax relief for seniors via fixed assessed value and requires state reimbursement for municipal revenue loss, strengthening fiscal management.95% confidence ✓ EducationSupports EducationBill provides state reimbursement to municipalities for lost property tax revenue, preventing school funding shortfalls and stabilizing education finance through tax reform mechanisms.85% confidence

Sub-Topics Property Tax Revenue

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