What's happening
This bill extends the deadline for first-time homebuyers of newly constructed homes to qualify for property tax exemptions until December 31, 2022.
Why it matters
Extending the deadline gives more first-time homebuyers access to property tax relief. , which can make homeownership more affordable and attainable for people who might otherwise be priced out by high property taxes.
The bill could stimulate the construction and sale of new homes. , benefiting the local construction industry and potentially increasing housing supply during the extended period.
By making the extension retroactive to December 31, 2016. , the bill ensures that buyers who purchased or contracted new homes after that date but before the law's passage are not penalized and can still claim the exemption as originally intended.
Continued exemptions for those who already qualified. guarantee long-term tax stability for previous beneficiaries, helping them manage household budgets and plan for the future.
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Who cares
Headline styles
Extend Homebuyer Tax Exemptions
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Substituted by S3530
- Advanced to third reading cal.503
- Reported
- Reported referred to ways and means
- Referred to real property taxation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Extend Homebuyer Tax Exemption
Signed by Governor · Sponsor Kenneth P. LaValle
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
S. 3530 A. 3031
2017-2018 Regular Sessions
SENATE - ASSEMBLY
January 24, 2017
IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government
IN ASSEMBLY -- Introduced by M. of A. ENGLEBRIGHT -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to extending the date allowable for exemptions for first-time homebuyers of newly constructed homes
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subdivision 5 of section 457 of the real property tax law, as amended by chapter 77 of the laws of 2011, is amended to read as follows:
5. No exemption shall be allowed pursuant to this section for any newly constructed primary residential property purchased by a first-time homebuyer on or after December thirty-first, two thousand [sixteen] twenty-two, unless such purchase is pursuant to a binding written contract entered into prior to December thirty-first, two thousand [sixteen] twenty-two. Provided, however, that any first-time homebuyer who is allowed an exemption pursuant to this section prior to such date shall continue to be allowed further exemptions pursuant to subdivision one of this section.
§ 2. This act shall take effect immediately and shall be deemed to have been in full force and effect on and after December 31, 2016.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06503-02-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.