Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization…

Official titleShow

Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization, land bank or community land trust to low-income households

The heading above is this same sentence with its legal opening removed. No words were added, changed or reordered.

Latest action Oct 16, 2025

Not chosen yet

Where it stands

Signed into law.

Introduced
In committee
Up for a vote
Passed one chamber
Passed
Enacted

New York State Senate

Same as A355, the matching bill in the Assembly.

Passed as A355, the matching Assembly bill.

Amends the Real Property Tax Law.

Committee

Investigations And Government Operations · New York State Senate

Also referred to Local Government · New York State Senate, Real Property Taxation · New York State Assembly.

Purpose, from the sponsor's memo

§ 1: Adds a new Section 457-a to the Real Property Tax Law, a real prop- erty tax exemption for property transferred from a nonprofit housing organization, community land trust, or land bank to a low-income house- hold. § 2: Effective date. DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE) The amendment reflects changes to provide a partial property tax exemption rather than changing the methodology by which a property would be assessed to better reflect New York State Real. Property Tax Law. The B-print makes it opt-in for localities rather than opt-out.

Filed with the bill. Read it on nysenate.gov (opens in a new tab)

Recorded votes

Vote: Floor vote
NY SenateApr 29, 2025Result: passedSenate vote on A355, the matching Assembly bill.
(49) (12) (0) (1)
Vote: Committee vote · Rules
Senate RulesApr 15, 2025Result: passed
(15) (1) (0) (5)

Cosponsors

Alicia Hyndman, Anil Beephan Jr. and 12 more on Agora

Democratic11
Republican3

Show all 14 on Agora

See the full list on nysenate.gov

The sponsor's argument

Why Michelle Hinchey says this is needed

New York State's current property tax system disproportionately impacts low and moderate-income homeowners who qualify for subsidized homeowner- ship by exacerbating affordability challenges for prospective home buyers and existing homeowners in New York State. Property taxes impact the affordability of homeownership for low-income individuals as these property taxes are factored into the mortgage a prospective homebuyer will qualify for, often leading to low-income households only qualifying for mortgages in jurisdictions with low property taxes. New York State has demonstrated its commitment to advance affordable housing, however, New York State's property tax policies currently hinder access to homeownership for low to moderate-income households. Our communities cannot survive without affordable homes for people to work and raise their children. More and more employers throughout the state cannot find local workers due to a lack of local affordable hous- ing. This critical piece of legislation will establish an opt-in proper- ty tax exemption between 25 and 75%, as determined by the municipality, for homes transferred from a nonprofit housing organization, community land trust, or land bank to a low-income household, increasing afforda- bility and access of homeownership.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.

Full history

Oct 16, 2025
Signed
SIGNED CHAP.432
NY Assembly
Oct 9, 2025
Sent to the executive
DELIVERED TO GOVERNOR
NY Assembly
Apr 29, 2025
3RD Reading CAL.682
3RD READING CAL.682
NY Senate
Apr 29, 2025
Passed a chamber
REPASSED SENATE
NY Senate
Apr 29, 2025
Substituted
SUBSTITUTED FOR S1718B
NY Senate

Show full history (19 earlier events)

Apr 28, 2025
In committee
RECOMMITTED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
NY Senate
Apr 28, 2025
Passed a chamber
REPASSED ASSEMBLY
NY Assembly
Apr 28, 2025
Returned to Senate
RETURNED TO SENATE
NY Assembly
Apr 15, 2025
In committee
COMMITTEE DISCHARGED AND COMMITTED TO RULES
NY Senate
Apr 15, 2025
Ordered to Third Reading CAL.682
ORDERED TO THIRD READING CAL.682
NY Senate
Apr 8, 2025
Amended
AMENDED ON THIRD READING 355C
NY Assembly
Apr 8, 2025
Recalled From Senate
RECALLED FROM SENATE
NY Assembly
Apr 8, 2025
Returned to Assembly
RETURNED TO ASSEMBLY
NY Senate
Apr 7, 2025
Amend and Recommit to Local Government
AMEND AND RECOMMIT TO LOCAL GOVERNMENT
NY Senate
Mar 18, 2025
Sent to the executive
DELIVERED TO SENATE
NY Assembly
Mar 18, 2025
Passed a chamber
PASSED ASSEMBLY
NY Assembly
Mar 18, 2025
Referred to committee
REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS
NY Senate
Mar 18, 2025
Reported out of committee
REPORTED REFERRED TO WAYS AND MEANS
NY Assembly
Mar 18, 2025
Rules Report CAL.108
RULES REPORT CAL.108
NY Assembly
Mar 12, 2025
Amend (t) and Recommit to Real Property Taxation
AMEND (T) AND RECOMMIT TO REAL PROPERTY TAXATION
NY Assembly
Feb 10, 2025
Amend (t) and Recommit to Local Government
AMEND (T) AND RECOMMIT TO LOCAL GOVERNMENT
NY Senate
Feb 5, 2025
Amend (t) and Recommit to Real Property Taxation
AMEND (T) AND RECOMMIT TO REAL PROPERTY TAXATION
NY Assembly
Jan 13, 2025
Referred to committee
REFERRED TO LOCAL GOVERNMENT
NY Senate
Jan 8, 2025
Referred to committee
REFERRED TO REAL PROPERTY TAXATION
NY Assembly

About this record

Summary: The summary comes from NY Open Legislation, the New York State Senate's public record. For more, see How we handle summaries.
Cosponsors: The list shows the cosponsors who are on Agora, A to Z. The official record may list more.
Party colors: Parties are shown in the same neutral colors.
Source: From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 21, 2026. About our data

Read the record

Read on NY Senate (opens in a new tab) The official record on nysenate.gov.

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