A11314 • 2025

Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive

Taxes

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor: Nily Rozic
Last action: 2026-05-11
Official status: In Assembly Committee
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive

Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive to include an annual adjustment to reflect the percentage increase in the consumer price index for all urban consumers published by the United States department of labor.

What This Bill Does

Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive to include an annual adjustment to reflect the percentage increase in the consumer price index for all urban consumers published by the United States department of labor.

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-05-11 Assembly
REFERRED TO REAL PROPERTY TAXATION

Official Summary Text

Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive
Defines affordability option D under the affordable neighborhoods for New Yorkers tax incentive to include an annual adjustment to reflect the percentage increase in the consumer price index for all urban consumers published by the United States department of labor.

Current Bill Text

Read the full stored bill text

S T A T E   O F   N E W   Y O R K
        ________________________________________________________________________

                                          11314

                                  I N  A S S E M B L Y

                                      May 11, 2026
                                       ___________

        Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Rozic) --
          read once and referred to the Committee on Real Property Taxation

        AN ACT to amend the real property  tax  law,  in  relation  to  defining
          affordability  option  D  under  the  affordable neighborhoods for New
          Yorkers tax incentive

          THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
        BLY, DO ENACT AS FOLLOWS:

     1    Section 1. Paragraph (d) of subdivision 1 of section 485-x of the real
     2  property  tax  law, as added by section 1 of part U of chapter 56 of the
     3  laws of 2024, is amended to read as follows:
     4    (d) "Affordability option D" shall mean  a  homeownership  project  in
     5  which  one  hundred  percent of the units shall have an average assessed
     6  value per square foot that does not  exceed  [eighty-nine]  ONE  HUNDRED
     7  TWENTY  dollars, ADJUSTED ANNUALLY TO REFLECT THE PERCENTAGE INCREASE IN
     8  THE CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS PUBLISHED BY THE UNITED
     9  STATES DEPARTMENT OF LABOR, upon  the  first  assessment  following  the
    10  completion  date  and  where each owner of any such unit shall agree, in
    11  writing, to maintain such unit as their primary residence  for  no  less
    12  than five years from the acquisition of such unit.
    13    § 2. This act shall take effect immediately.





         EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15800-01-6