S10345 • 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: Andrew Gounardes
Last action: 2026-05-14
Official status: In Senate 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

2026-05-14 Senate
REFERRED TO LOCAL GOVERNMENT

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
        ________________________________________________________________________

                                          10345

                                    I N  S E N A T E

                                      May 14, 2026
                                       ___________

        Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        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