New York A03852 increases the cap on the real property tax exemption for capital improvements to residential buildings.

New York A03852 amends the real property tax law to increase the cap on the exemption for capital improvements to residential buildings. The exemption is now limited to $168,000 in increased market value, or another sum less than $168,000 but not less than $5,000 as provided by local law or resolution. In special assessing units that are not cities, the exemption is limited to $750,000 in increased market value. Any increase in market value greater than the specified amount is not eligible for the exemption.

New York A03852 increases the cap on the real property tax exemption for capital improvements to residential buildings.

New York A03852 amends the real property tax law to increase the cap on the exemption for capital improvements to residential buildings. The exemption is now limited to $168,000 in increased market value, or another sum less than $168,000 but not less than $5,000 as provided by local law or resolution. In special assessing units that are not cities, the exemption is limited to $750,000 in increased market value. Any increase in market value greater than the specified amount is not eligible for the exemption.