New York S10500 amends the real property tax law to deny tax exemptions to units not agreed to be primary residences for at least five years.

New York S10500 amends the real property tax law by modifying the affordability option D for homeownership projects. The bill specifies that tax exemptions are only applicable to units where the owner agrees in writing to maintain the unit as their primary residence for at least five years from acquisition. Units without such an agreement are ineligible for tax exemptions. This change affects homeowners in affordability option D projects, ensuring that tax benefits are tied to long-term residency commitments.

New York S10500 amends the real property tax law to deny tax exemptions to units not agreed to be primary residences for at least five years.

New York S10500 amends the real property tax law by modifying the affordability option D for homeownership projects. The bill specifies that tax exemptions are only applicable to units where the owner agrees in writing to maintain the unit as their primary residence for at least five years from acquisition. Units without such an agreement are ineligible for tax exemptions. This change affects homeowners in affordability option D projects, ensuring that tax benefits are tied to long-term residency commitments.