Establishes the "first-time homebuyer tax credit act"; provides that a qualified taxpayer shall be allowed a credit against the taxes imposed by this article for taxes levied on the taxpayer's primary residence by or on behalf of any county, city, town, village, or school district in which such property is located.
Authorizes application of the property tax abatement for rent-controlled or rent regulated properties occupied by senior citizens or disabled persons, to those units occupied by tenants paying the maximum allowable rent when such rent exceeds 1/2 of the household income; provides for state payments to cities affected thereby equal to 10% of lost real property tax revenue.
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.
Bill A 4711 establishes a property tax exemption for new residential subdivisions certified as "green development neighborhoods." It directly affects developers building qualifying neighborhoods and homeowners in those areas, reducing their property tax burden on new construction value. The exemption applies to subdivisions meeting NGBS silver or LEED for new construction certification standards, with deed restrictions requiring all homes to achieve silver certification. Municipalities can adopt local laws granting up to a 10-year tax exemption on the increased value from green construction, administered through tax assessors upon submitted certification.
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 raises the income threshold for senior citizens (62+) and disabled residents to qualify for real property tax abatements. It increases the maximum allowable household income from $50,000 to $75,000 per year, effective July 1, 2025. The change directly affects seniors and disabled residents whose combined household income would previously have disqualified them from tax relief. The policy update modifies existing tax law provisions to adjust these eligibility limits annually. This is a concrete policy change to expand access to tax relief for low-to-moderate income households.
This bill exempts first-time homebuyers from the mortgage recording tax when purchasing a primary residence. It defines "first-time homebuyer" as an individual who has never owned a primary home, isn't married to someone who owned one in the past three years, and doesn't own vacation or investment properties. The exemption applies to mortgages executed on or after the law's effective date (January 1st following enactment). This directly affects qualifying first-time homebuyers by reducing their closing costs for purchasing a primary residence.
This bill creates tax benefits for buildings in New York City that provide affordable space for arts organizations. It directly affects eligible nonprofit arts groups (tax-exempt under IRS 501(c)(3)) and building owners who rent space to them. Key provisions require rent to stay at or below $20 per square foot annually, with higher tax exemptions for lower rents - up to 100% tax exemption for spaces rented at $10/sq ft or less, provided owners offer tenant improvements. The benefits apply for the duration of the lease, with specific rules to maintain affordability and meet city zoning requirements.
This bill exempts first-time homebuyers from the mortgage recording tax on qualifying home purchases. It defines a "first-time homebuyer" as someone who hasn’t owned a primary residence in the past three years (and isn’t married to someone who has), and doesn’t own vacation or investment properties. The exemption applies only to mortgages for primary residences, removing a tax burden for eligible buyers. The law takes effect January 1 following its enactment, applying to mortgages signed on or after that date.
Expands eligibility for tax abatement for rent-controlled and rent regulated property occupied by persons with disabilities to include individuals who do not meet the non-medical qualifications for SSDI and SSI but, by reason of the individual's disability, the individual is not able to engage in substantial gainful activity as that term is defined by the federal social security administration.
