Changes the exemption limit for capital improvements to residential buildings to $200,000 for local laws or resolutions adopted after January 1, 2026.

This bill amends the real property tax law to change the exemption limit for capital improvements to residential buildings. For local laws or resolutions adopted on or after January 1, 2026, the exemption is limited to $200,000 in increased market value. Previously, the exemption was limited to $80,000 or another sum less than $80,000, but not less than $5,000, as provided by the local law or resolution. The bill takes effect immediately.

Changes the exemption limit for capital improvements to residential buildings to $200,000 for local laws or resolutions adopted after January 1, 2026.

This bill amends the real property tax law to change the exemption limit for capital improvements to residential buildings. For local laws or resolutions adopted on or after January 1, 2026, the exemption is limited to $200,000 in increased market value. Previously, the exemption was limited to $80,000 or another sum less than $80,000, but not less than $5,000, as provided by the local law or resolution. The bill takes effect immediately.