What's happening
This bill extends the eligibility date for first-time homebuyer property tax exemptions for newly constructed homes to December 31, 2022.
Why it matters
Makes more buyers eligible. By moving the eligibility cutoff from 2016 to 2022, this bill allows more recent first-time homebuyers of new homes to benefit from property tax exemptions, potentially making homeownership more affordable for those who purchased after the original deadline.
Encourages new home construction and local investment. Extending the exemption period could stimulate the construction industry and local economies by incentivizing the purchase of newly built homes, which often brings jobs and increased economic activity to communities.
Provides clarity and continuity. For buyers and real estate professionals, the extension offers clearer guidance and reassurance that those who recently bought or are about to buy new homes can still access these tax benefits, reducing uncertainty in the housing market.
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Extend Homebuyer Tax Exemption
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Signed chap.128
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading cal.503
- Substituted for A3031
- Referred to real property taxation
- Delivered to assembly
- Passed senateVote 61–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.130
Show 1 earlier action
- Referred to local government
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 Exemptions
Assembly Floor Calendar · Sponsor Steven Englebright
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.
Sponsor's memo
Title of bill
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
Purpose
To authorize municipal entities to continue the first-time homebuyer program. The program provides localities with an option to allow for a partial real property tax exemption for first-time homebuyers of newly constructed homes.
Summary of provisions
Amends subdivision 5 of section 457 of the real property tax law by continuing until 2022 the authorization for localities to authorize property tax exemptions for first time homebuyers of newly constructed.
Justification
This bill will extend the local option granting an exemption for first time homebuyers. Communities are utilizing this program to promote economic stimulus while helping families to realize their goal of having their first home. This program has been adopted in communities in ten counties across the State.
Legislative history
Chapter 77 of the Laws of 2011.
Fiscal implications
None to the State.
Effective date
This act shall take effect immediately and shall be deemed to have been in full force and effect on or after December 31, 2016.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.