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A 355 - Establishes a Partial Tax Exemption for Residential Property Transferred to Low-Income Households - New York Key Vote

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Title: Establishes a Partial Tax Exemption for Residential Property Transferred to Low-Income Households

Signed by Governor Kathy Hochul


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Title: Establishes a Partial Tax Exemption for Residential Property Transferred to Low-Income Households

Vote Smart's Synopsis:

Vote to pass a bill that establishes a partial tax exemption for residential property transferred from a governmental entity, nonprofit housing organization, land bank or community land trust to low-income households in New York.

Highlights:

  • Establishes a property tax exemption between 25% and 75% of the assessed value for low and middle-income homeholders whose home was built with assistance from government entities, nonprofits, land banks, or community land trusts (Sec. 457-a).

  • Establishes that the tax exemption for the property will cease if it is no longer utilized for residential purposes or if the property is transferred (Sec. 457-a).

Full Bill Text

Title: Establishes a Partial Tax Exemption for Residential Property Transferred to Low-Income Households

Title: Establishes a Partial Tax Exemption for Residential Property Transferred to Low-Income Households

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