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 households

Changed the primary definition from 'charitable nonprofit housing organization' to 'nonprofit housing organization' and added new definitions for 'community land trust' and 'land bank' as eligible entities.

Replaced 'low-income person' with 'qualified low-income household' and expanded eligibility criteria to include household income and asset verification by the housing organization.

Added a new provision allowing county, city, town, village legislative bodies or school districts to adopt local laws or resolutions to opt out of the tax exemption after public hearings.

Changed the tax exemption from a fixed calculation based on subsidized purchase price to a percentage range of 25-75% of the assessed value of the residential real property.

Updated the section number from 581-c to 457-a and changed the bill title to reflect the broader scope of partially exempting property rather than assessment rules.