Budget & Taxes (Property Tax)

in committee · New York · Assembly Jan 7, 2026

A 7872: Caps property taxes paid on primary residences by persons over sixty-five

This bill freezes property tax payments for New York residents aged 65 or older who own and live in their primary residence. It caps taxes at the rate paid in the year the owner turned 65, applying to single-family homes, condos, or co-ops owned individually or with qualifying family members (spouses, domestic partners, or siblings). To qualify, individuals must be 65+, own the property as their primary residence, and meet specific ownership criteria. The freeze does not affect existing school tax relief programs and expires if the owner moves or sells the home (unless a qualifying family member inherits it).

Topics ✓ Budget & TaxesSupports Budget & TaxesCaps property taxes for seniors (65+), providing direct tax relief for fixed-income residents, aligning with fiscal support for vulnerable groups.95% confidence

Sub-Topics Property Tax

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in committee · New York · Senate Jan 7, 2026

S 2553: 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 & TaxesBill creates new municipal tax authority (levy) for arts/culture exempt from property tax cap, enabling additional funding for public services through taxation.95% confidence ✓ EducationSupports EducationBill authorizes funding for history and arts, core educational components, enhancing curriculum access and student programs through dedicated levy support.90% confidence

Sub-Topics Property Tax Tags Local Government

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in committee · New York · Assembly Jan 7, 2026

A 6198: Provides for a tax abatement for electric energy storage equipment

This bill provides a tax abatement for owners of electric energy storage equipment (like batteries) placed in service between January 1, 2027, and January 1, 2029. It allows a tax reduction equal to 10% of eligible equipment costs, capped at $62,500 per year, for up to the compliance period. The abatement applies to property taxes and is separate from existing solar energy incentives. It directly affects businesses and property owners investing in grid-stabilizing energy storage systems during this specific two-year window.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax abatement (10% property tax reduction) for energy storage equipment, directly implementing tax policy to incentivize investment in grid-stabilizing systems.90% confidence ✓ EnergySupports EnergyTax abatement for energy storage equipment directly funds grid-stabilizing infrastructure, promoting renewable energy integration and clean energy investment per bill summary.90% confidence ✓ EnvironmentSupports EnvironmentProvides tax incentives for electric energy storage, promoting clean grid infrastructure and renewable energy integration, directly advancing environmental goals.90% confidence

Sub-Topics Property Tax Tax Incentives Energy Storage Solar

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in committee · New York · Assembly Jan 7, 2026

A 4564: Relates to directing any moneys derived from new or increased taxes to reduce local real property taxes

This bill requires that money collected from new or higher state taxes (after its effective date) be deposited into a special fund. Each city, village, or town receives a share of these funds based on its property value relative to the state total. The funds must be used directly to reduce local property tax levies, lowering bills for homeowners and businesses in those municipalities. The first payments begin April 1, 2026, and are distributed annually.

Topics ✓ Budget & TaxesSupports Budget & TaxesRedirects new state tax revenue to lower local property taxes, providing direct tax relief for homeowners and businesses.95% confidence

Sub-Topics Property Tax

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in committee · New York · Senate Jan 7, 2026

S 1627: Authorizes the abatement of municipal and school real property taxes in certain cases of catastrophic loss and establishes procedures therefor

Authorizes the abatement of real property taxes in certain cases of catastrophic loss; establishes procedures therefor; limits eligibility to one, two, or three family houses; applies to all municipal and school taxes.

Topics ✓ Budget & TaxesSupports Budget & TaxesAuthorizes tax abatement for property owners after catastrophic loss, providing direct tax relief to affected homeowners and reducing municipal/school tax burden on eligible properties.90% confidence

Sub-Topics Property Tax Tax Incentives

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in committee · New York · Assembly Jan 7, 2026

A 4672: Relates to improving the real property tax relief credit

This bill increases the real property tax relief credit for homeowners with qualifying income levels. It adjusts the calculation method, raising the credit percentage for lower-income taxpayers (up to $75,000 gross income) from 14% to 20% and modifying thresholds for middle-income households ($75,000-$150,000 and $150,000-$350,000). The credit now has a minimum value of $1,550 (up from $350) and applies to tax years beginning January 1, 2026. It directly affects homeowners whose real property taxes exceed 5% of their qualified gross income, providing greater relief for those with moderate incomes.

Topics ✓ Budget & TaxesSupports Budget & TaxesIncreases tax credit percentage for lower/middle-income homeowners (14%→20%) and raises minimum credit, directly providing tax relief per support indicators.95% confidence

Sub-Topics Property Tax Tax Credits

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in committee · New York · Senate Jan 7, 2026

S 4614: Relates to directing any moneys derived from new or increased taxes to reduce local real property taxes

S 4614 requires that any revenue from new or increased state taxes be deposited into a special fund. This fund then distributes payments annually to all cities, villages, and towns (outside villages) based on their proportion of the state's total property value. The payments must be used directly to lower each municipality's local property tax levy, reducing residents' property tax bills. The bill takes effect January 1, 2026, after passing committee referral.

Topics ✓ Budget & TaxesSupports Budget & TaxesDirects new tax revenue to reduce local property taxes, providing immediate tax relief to residents and lowering municipal tax burdens.95% confidence

Sub-Topics Property Tax

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in committee · New York · Senate Jan 7, 2026

S 4077: Relates to establishing an abatement and exemption from real property taxes for capital improvements to reduce carbon emissions

Relates to establishing an abatement and exemption from real property taxes for capital improvements to reduce carbon emissions; establishes an energy efficiency improvement board to approve the abatements and exemptions.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates tax abatement/exemption for carbon-reducing property improvements, directly reducing tax burden on eligible owners per its title and summary.92% confidence ✓ EnergySupports EnergyTax abatements for carbon-reducing energy efficiency improvements directly promote clean energy infrastructure and emissions reduction per bill's purpose.95% confidence ✓ EnvironmentSupports EnvironmentBill provides tax abatements for carbon-reducing capital improvements, directly advancing emission reduction goals through financial incentives for energy efficiency.95% confidence

Sub-Topics Property Tax Tax Incentives Energy Efficiency Climate Change

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in committee · New York · Senate Jan 7, 2026

S 5375: Establishes the retire strong tax credit for certain individuals age 65 or older

Establishes the retire strong tax credit for certain individuals age 65 or older; authorizes a tax credit amounting to half the qualifying real property taxes paid by such individual for the taxable year, up to $6,500.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax credit reducing property tax burden for seniors, a form of tax relief targeting eligible individuals.90% confidence

Sub-Topics Property Tax Tax Credits Tax Incentives

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in committee · New York · Senate Jan 7, 2026

S 7964: Incentivizes projects on certain Brownfield sites

Bill S 7964 aims to encourage the cleanup and redevelopment of certain contaminated "Brownfield" sites by offering enhanced tax credits. It increases the maximum tangible property tax credit for projects on these sites, especially for a new category called "qualified project sites." To qualify for these higher incentives, a project must meet several criteria, including being in a city with a population under 100,000, located near public transportation, and incorporating a minimum percentage of affordable housing units. Additionally, these "qualified project sites" must have a total value exceeding $250 million, and remediation construction work on them will be subject to prevailing wage requirements, with an allowance for project labor agreements.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill increases tax credits for Brownfield redevelopment, directly enhancing tax incentives under budget/tax policy framework.95% confidence ✓ EnvironmentSupports EnvironmentBill incentivizes cleanup of contaminated Brownfield sites via tax credits, directly reducing pollution and promoting environmental remediation of degraded land.95% confidence ✓ HousingSupports HousingIncentivizes Brownfield redevelopment via tax credits, promoting new housing development in underserved areas with transit access, aligning with affordable housing goals.85% confidence ✓ TransportationSupports TransportationBill requires projects to be near public transportation to qualify for enhanced tax credits, directly incentivizing transit-oriented development.95% confidence

Sub-Topics Property Tax Tax Credits Tax Incentives Hazardous Materials Affordable Housing Community Development Property Taxes

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