New York Partially Exempts Certain Residential Property From Property Tax

The New York Governor has signed a law amending the state’s real property tax law. The amended law partially exempts certain residential real property transferred to low-income households from taxation. The law adds a new provision which allows counties, cities, towns, villages, and school districts to provide partial tax exemptions for residential properties transferred to qualified low-income households. The exemption ranges from 25 percent to 75 percent of the assessed property value and applies to properties subject to restrictive covenants with governmental entities, nonprofit housing organizations, or land banks, where the household’s income does not exceed 80 percent of the ...