BILL NUMBER: S5968
SPONSOR: PARKER
 
TITLE OF BILL:
An act to amend the civil practice law and rules, in relation to
increasing the value of homesteads which are to be exempt from civil
judgments
 
PURPOSE:
This bill would amend the Civil Practice Law and Rules, in relation to
increasing the value of the homestead exemption for civil judgments.
 
SUMMARY OF PROVISIONS:
Section 1: Subdivisions (a), (d) and (e) of section 5206 of the civil
practice law and rules, as amended by chapter 568 of the laws of 2010,
are amended.
Section 2: This act shall take effect immediately.
 
JUSTIFICATION:
The idea of the homestead exemption to civil judgments seems to have
been that no civil judgment against any person should result in that
person forfeiting his or her having a right to a place to live. To that,
end, Chapter 181 of the Laws of 1977 made the value of a person's home-
stead up to $10,000 exempt from civil judgments against that person.
Later on, Section 282 of the Debtor and Creditor Law extended this
exemption to assessments of the value of a person's estate when bank-
ruptcy is declared. When laws mention specific dollar amounts, it is
prudent to periodically review and update those amounts. Current law
sets the homestead exemptions at $150,000. That amount was set by Chap-
ter 568 of the laws of 2010.
This bill proposes to increase the homestead exemption to $250,000, a
more realistic figure. The current amount is not realistic in today's
economy.
 
LEGISLATIVE HISTORY:
2023-24: Passed Senate
2021-22: S5040 - Passed Senate
2019-20: S.4504A Passed Senate
2017-18: S.3244 Referred to Judiciary
2015-16: S.1588/A.6329 - Referred to Judiciary
2013-14: S.3198 - Died in Judiciary
2011-12: S.1965 - Referred to Codes
2009-10: S.2161/A.615 - Referred to Codes/Judiciary
2008-09: S.2480/A.8324 - Died in Codes /Judiciary
2006-07: S.6651
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately.