Budget & Taxes (Property Tax)

Enacts into law major components of legislation which are necessary to implement the state fiscal plan for the 2026-2027 state fiscal year; sets forth a child and dependent care credit for taxable years beginning on or after January 1, 2026 (Part A); excludes up to twenty-five thousand dollars in qualified tips earned from New York adjusted gross income (Part B); retains the deductibility of certain charitable contributions (Part C); standardizes the definition of farmer for various tax credits (Part D); extends the current corporate tax rates (Part E); provides for exemptions from calculation of income in certain cases, provided such exemptions were not already applied in the calculation of income under federal provisions (Part F); relates to the treatment of certain deductions allowable under the internal revenue code in calculating New York city taxable income for corporations for taxable years beginning after December 31, 2024 (Part G); extends provisions of law relating to the commercial security tax credit from January 1, 2026 until January 1, 2029 (Part I); enhances the New York city musical and theatrical production credit (Part J); defines the term "alternative nicotine product"; makes provisions relating to the possession for sale, sale, and taxation of alternative nicotine products (Part K); extends the real estate transfer tax rate reduction for conveyances of real property to existing real estate investment funds (Part M); directs the commissioner of taxation and finance to establish a sales and use tax reregistration program and a sales and use tax penalty and interest discount program (Part N); extends the sales tax exemption for vending machines (Part P); extends the residential energy storage sales tax exemption for two years (Part Q); relates to the petroleum business tax filing deadline for commercial vessel operators (Part R); extends the alternative fuels tax exemptions (Part S); makes technical corrections to the STAR exemption and STAR credit programs (Part T); extends the assessment ceiling for local public utility mass real property to January 1, 2031; clarifies the powers of the state board of real property tax services (Part U); relates to rent exemptions and rent increase exemptions and property tax exemptions for certain persons; extends provisions of law relating thereto (Subpart A); provides notice to tenants regarding rent increase exemptions (Subpart B)(Part V); conforms pari-mutuel tax provisions; makes technical corrections (Part W); extends the utilization of funds in off-track betting corporations' capital acquisition funds (Part X); extends certain provisions of law relating to licenses for simulcast facilities, sums relating to track simulcast, simulcast of out-of-state thoroughbred races, simulcasting of races run by out-of-state harness tracks, distributions of wagers, and the imposition of certain taxes related thereto (Part Y); extends certain seasonal employee licensing requirements for additional race dates at Saratoga Racetrack for the year 2026 (Part Z); excludes certain distributions on federal elections for the purposes of calculating federal adjusted gross income (Part AA); relates to tax credits for donations to food pantries made by farmers (Part BB); relates to the sales tax exemption for meal donations; authorizes students to donate unused meal funds, meals or meal points to other students enrolled in such school, college or university who are facing food insecurity; extends the authorization of such sales tax exemption (Part CC); establishes additional qualifications for the board members of regional off-track betting corporations (Part DD); relates to the real property tax exemption for disabled veterans (Part EE); establishes a protecting our wallets energy rebate (POWER) credit (Part FF); relates to standardbred total carbon dioxide (TCO2) on-track drug testing (Part GG); authorizes a city having a population of one million or more to impose a surcharge on property that does not serve as a primary residence (Part HH); authorizes additional vendor fees to vendor tracks and video lottery gaming facilities; directs the gaming commission to conduct a study on video lottery terminal vendor fees and commercial casino tax rates (Part II); extends the duration of certain brownfield redevelopment and remediation tax credits with respect to certain sites (Part JJ).

Provides that an application for a real property tax exemption for surviving spouses of police officers killed in the line of duty be filed with the assessor on or before the taxable status date.

Authorizes municipalities to offer a real property tax exemption for combat zone service members who at any time during the taxable year performed active duty in the armed forces in a combat zone; defines terms; makes related provisions.

This bill creates a new property tax exemption for the primary residence of veterans with a 100% service-connected disability. It applies to veterans who were honorably discharged, have a 100% disability rating from the U.S. Department of Veterans Affairs, and meet specific criteria like permanent total disability or receipt of VA benefits. The exemption fully removes property taxes and special assessments for qualifying veterans' primary homes, in addition to existing tax benefits. The law takes effect for tax assessments dated October 1, 2026, and does not reduce a property's taxable value below zero.

Expands the real property tax exemption for persons with disabilities to property owners who are a parent or parents of an individual with a disability and such individual lives at such property.

This bill (A 9306) requires New York's Board of Regents to obtain legislative approval before adopting any rule or regulation that imposes an unfunded mandate on school districts. An unfunded mandate is defined as a rule requiring schools to provide new programs, higher service levels, or changes that create net additional costs without state funding - such as increased expenses or potential property tax impacts. The key mechanism mandates that such rules cannot take effect without a majority vote in the state legislature. This directly affects school districts by preventing new financial burdens from being imposed without elected official review. The bill is procedural, focusing on the approval process rather than creating new educational policies.

Relates to real property subject to an authorization for a real property tax exemption in the town of Smithtown, county of Suffolk, with respect to the 2019 and 2020 assessment rolls.

This bill (S 6015) shortens the waiting period for foreclosure on vacant, abandoned properties in Erie County from two years to one year. It specifically applies to properties certified as vacant and abandoned under New York's Real Property Actions and Proceedings Law (RPAPL §1309) or Real Property Tax Law (RPTL §1111). Tax certificate holders, including Erie County, can now initiate foreclosure proceedings after one year (instead of two) for unpaid taxes on these certified properties. The change modifies Erie County's tax code to accelerate the process for clearing delinquent tax properties. This affects property owners with unpaid taxes on certified vacant properties and tax certificate holders seeking resolution.

This bill requires New York City's department to repair curbs and curb cuts within 90 days of a homeowner's request submitted via 311 or the city website. It directly affects owners of one-, two-, or three-family homes who can request repairs. If the city misses the 90-day deadline, homeowners may hire a licensed contractor and receive a property tax credit covering the reasonable repair costs. The law sets clear timelines and financial recourse for residents, updating existing curb repair responsibilities.

Relates to tax lien foreclosure; establishes senior, disabled, and veteran homeowner real property tax assistance program; establishes installment plans for certain real property taxes.