New York S00850 establishes a tax credit for first-time homebuyers to help with property taxes on their primary residence.

New York S00850, known as the "first-time homebuyer tax credit act," provides a tax credit for qualified first-time homebuyers. A qualified taxpayer must have not owned a primary residential property and not be married to someone who has owned a residential property in the three years prior to purchase. The credit applies to taxes levied on the taxpayer's primary residence by any county, city, town, village, or school district. The credit lasts five years, reducing by 10% each year, starting at 50% in the first year and ending at 10% in the fifth year.

New York S00850 establishes a tax credit for first-time homebuyers to help with property taxes on their primary residence.

New York S00850, known as the "first-time homebuyer tax credit act," provides a tax credit for qualified first-time homebuyers. A qualified taxpayer must have not owned a primary residential property and not be married to someone who has owned a residential property in the three years prior to purchase. The credit applies to taxes levied on the taxpayer's primary residence by any county, city, town, village, or school district. The credit lasts five years, reducing by 10% each year, starting at 50% in the first year and ending at 10% in the fifth year.