A 355: Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization, land bank or community land trust to low-income household - New York

A355B → A355C · 7 edits

MODERATE

This bill was amended to simplify the tax exemption language for low-income residential property transfers, remove references to community land trusts from the main exemption title, and add new provisions for administrative review and application procedures. The bill also expanded the committee referral process to include additional committees.

Scope change

The bill's scope was narrowed in its title from covering both low-income households and community land trusts to focusing primarily on low-income households, though community land trusts remain mentioned in specific definitions and provisions.

TITLE

The bill title was changed from 'tax exemption for residential real property transferred to a low-income household or community land trust' to 'partially exempting from taxation certain residential real property transferred to low-income households'.

REQUIREMENT

New language was added requiring owners to apply for the exemption on a prescribed form and file it with the assessor before the taxable status date.

ENFORCEMENT

New provisions were added allowing owners to seek administrative and judicial review of exemption discontinuation, with the burden of proof on the owner to establish eligibility.

TIMELINE

The effective date was changed from 'sixtieth day after it shall have become a law' to 'immediately'.

SCOPE

Additional committee referrals were added, including the Committee on Ways and Means and the Committee on Rules, and the bill was ordered to a third reading.

DEFINITION

The definition of 'qualified low-income household' was simplified by removing the provision allowing local laws to specify income thresholds below 80% of area median income.

The detailed definition of 'community land trust' was removed from the main text, though the term remains referenced in other provisions.

A355A → A355B · 6 edits

MODERATE

This bill version expands the tax exemption program to include community land trusts alongside nonprofit housing organizations and land banks. It also clarifies eligibility criteria by adding a weighted average income calculation adjusted for family size and allowing local governments to set lower income thresholds. The exemption now explicitly covers both sales and leases to qualified households, and adds a specific provision for discontinuing exemptions when properties are leased at rates not affordable to low-income households.

Scope change

Expanded from only nonprofit housing organizations and land banks to also include community land trusts as eligible entities for the tax exemption program.

SCOPE

Community land trusts are now explicitly included as eligible entities to receive tax exemptions for residential property transfers.

ELIGIBILITY

Income eligibility criteria changed from a flat 80% area median income to a weighted average of 80% adjusted for family size, with option for local laws to set lower thresholds.

Leased properties are now explicitly included in the exemption, covering both sales and leases to qualified low-income households.

ENFORCEMENT

New provision added requiring exemption discontinuation when properties are leased at rates not affordable to qualified low-income households.

TIMELINE

Effective date changed from immediate to 60 days after the bill becomes law.

TECHNICAL

Minor technical corrections including 'United States' to 'United State' in one instance and reorganization of section numbering.

A355 → A355A · 6 edits

MODERATE

This bill was amended to broaden the scope of a tax exemption for affordable housing by changing the section number from 581-c to 457-a, updating definitions to include community land trusts and land banks, and expanding eligibility from individual low-income persons to qualified low-income households. The amendment also clarifies the exemption amount (25-75% of assessed value) and adds procedural requirements for local opt-outs and application processes.

Scope change

The bill's scope expanded from applying only to property transferred from charitable nonprofit housing organizations to low-income persons, to now including property transferred to qualified low-income households through nonprofit housing organizations, community land trusts, or land banks.

TECHNICAL

Changed bill section number from 581-c to 457-a and updated the bill title to reflect broader applicability.

DEFINITION

Added new definitions for 'community land trust' and 'land bank' alongside the existing 'nonprofit housing organization' definition.

ELIGIBILITY

Expanded eligibility from 'low-income person' to 'qualified low-income household' with income at or below 80% of area median income.

REQUIREMENT

Added requirements for local legislative bodies to adopt laws or resolutions to opt out of the exemption, with public hearing requirements.

Added application process requirements with forms prescribed by the commissioner and filing deadlines with assessors.

ENFORCEMENT

Added procedures for discontinuing exemptions when properties cease to be used as primary residences and requirements for owner appeals.

Provides for a partial exemption from taxation of certain residential real property transferred by a governmental entity, nonprofit housing organization, land bank or community land trust to low-income household

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