This bill establishes a dedicated "City of New York Education Fund" by imposing an additional 1% real property tax on all properties within New York City (population over 1 million). The fund, managed jointly by the mayor and tax commissioner, must keep its revenue separate from other city funds and use it alongside existing city budget allocations to support education programs. It directly affects New York City property owners through the new tax obligation. The fund's revenue stream and separation requirement are the key mechanisms driving the policy change.
This bill modifies property tax limits for local governments and school districts in New York. It changes the "allowable levy growth factor" to be the greater of 1.02 (2% growth) or 1 plus the inflation factor (with a minimum 1.02), and lowers the vote threshold needed to override tax levy limits from 60% to a simple majority (more than 50%) of votes cast. School districts and municipalities would now require only 51% voter approval (instead of 60%) to approve budgets exceeding tax levy limits. The bill also updates ballot language to clarify that tax levy increases require voter approval. These changes apply to all local governments and school districts subject to existing tax cap rules.
S 1559, the "Affordable NY Act," increases property tax exemptions for homeowners and adjusts New York's personal income tax brackets. It raises the basic STAR exemption base from $30,000 to $60,000 for all future years and ties the enhanced STAR exemption base to a CPI-W index (multiplied by two for 2025-2026 and beyond). The bill also updates income tax rates, including higher brackets for 2018-2020 taxable years, with specific changes to tax thresholds and percentages. These changes directly affect New York homeowners who qualify for STAR exemptions and residents filing state income tax returns. The bill takes immediate effect upon enactment.
This bill allows cities with over 1 million residents to offer a real property tax freeze to homeowners aged 65 or older who own and occupy their primary residence (including single-family homes, farms, or condo/co-op units). To qualify, applicants must have gross income under $58,400 annually (including Social Security and retirement income but excluding gifts or inheritances) and apply yearly. If approved, the current tax rate is frozen permanently, with the accumulated amount becoming a lien on the property that must be paid if the freeze ends or the property is sold. Surviving spouses aged 62+ retain the freeze after the death of the older spouse, and the freeze expires if the homeowner fails to reapply annually.
This bill sets a 5% maximum annual increase for property tax base proportions in cities for fiscal year 2026. It directly affects cities calculating property taxes, requiring their local legislative bodies to set the exact increase (up to 5%) by December 1, 2025. If cities issued tax bills before the law took effect, they must revise those bills and reissue them with updated rates, but taxpayers remain responsible for payments due before the revision. The bill ensures cities can adjust tax calculations within this cap while maintaining prior payment obligations for existing bills.
This bill creates a property tax abatement for buildings in cities with over 1 million residents that install equipment capturing and reusing carbon dioxide emissions. Property owners can reduce their annual property taxes by up to $100,000 (or 5% of eligible equipment costs, whichever is lower) for qualifying carbon-to-value systems placed in service between 2025 and 2030. To qualify, the equipment must demonstrably reduce emissions through verified life cycle assessments, cannot be installed in designated environmental justice areas, and must meet specific technical requirements like carbon storage for 100+ years. The abatement applies only to "class four" real property in eligible cities and requires certification by the city's designated agency.
Creates the New York state home ownership savings plan; creates a property tax exemption related thereto; creates exemptions for properties purchased in target areas with a New York state home ownership savings plan.
This bill changes how property taxes are calculated for seniors and people with disabilities living in rent-controlled or rent-regulated housing. It allows their pension benefits (including Social Security, retirement payments, and disability benefits) to be counted as income for tax purposes, potentially lowering their property tax burden. The key mechanism revises income calculation rules to exclude gifts, inheritances, and certain pension increases tied to inflation, while including eligible benefits. To qualify, households must have an existing rent increase exemption order (granted before July 1, 2024) and the new calculation must show lower taxes than the previous method.
Requires assessing units to disclose and publish information relating to the use of a computer assisted mass appraisal system or other statistical formula or computer software at any step during the assessment of taxes on real property; requires assessing units not using a computer assisted mass appraisal system or other statistical formula or computer software at any step during the assessment of taxes on real property to verify that such systems, formula, or software were not used and explaining the methods used by such assessing unit to assess real property taxes.
Bill A-154 provides a 100% real property tax exemption for agricultural lands used to grow bio-energy crops (specifically crops for cellulosic ethanol processing) for alternative fuel. It directly affects farmers who produce these designated crops, exempting their land from local taxes (village, town, city, county, or school district) based on assessed value. To qualify, landowners must submit proof to the taxing authority showing compliance, and applications must be filed by the taxable status date. The exemption expires five years after the law takes effect.
