BILL NUMBER: S6255A
SPONSOR: HINCHEY
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to the assessment
of residential real property transferred from a charitable nonprofit
housing organization to low-income persons
 
PURPOSE:
This bill amends the method by which property taxes are assessed when a
property is transferred from a charitable nonprofit housing organization
to a low-income person, increasing affordability and access to homeown-
ership for low-income populations.
 
SUMMARY OF PROVISIONS:
Section 1: Adds a new section 581-c to the Real Property Tax Law, estab-
lishing the method by which property taxes are assessed for residential
real property transferred from a charitable nonprofit housing organiza-
tion to a low-income person.
Section 2: Effective date.
 
JUSTIFICATION:
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 in. 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 change the method by which
property taxes for homes transferred from charitable nonprofit housing
organizations to qualifying low-income persons are assessed, increasing
affordability and access of homeownership.
 
LEGISLATIVE HISTORY:
New Bill.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately.