Exempts mortgages of residential real property from taxation for owners receiving state or federal buyout of prior residence destroyed in hurricane.

This bill amends the tax law to exempt mortgages of residential real property from taxation when the property is purchased by owners who received a state or federal buyout of their prior residence destroyed in hurricane Sandy. The exemption applies to buyouts received after October 22, 2012, and before the effective date of this subdivision. The provisions of this act expire and are repealed on and after January 1, 2028.

Exempts mortgages of residential real property from taxation for owners receiving state or federal buyout of prior residence destroyed in hurricane.

This bill amends the tax law to exempt mortgages of residential real property from taxation when the property is purchased by owners who received a state or federal buyout of their prior residence destroyed in hurricane Sandy. The exemption applies to buyouts received after October 22, 2012, and before the effective date of this subdivision. The provisions of this act expire and are repealed on and after January 1, 2028.