New York State Assembly

Bill No.:  

 
•  Summary 
 
•  Actions 
 
•  Committee Votes 
 
•  Floor Votes 
 
•  Memo 
 
•  Text 
 
•  LFIN 
 
•  Chamber Video/Transcript 

---

A07943 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          7943
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                     April 16, 2025
                                       ___________
 
        Introduced by M. of A. KAY -- read once and referred to the Committee on
          Real Property Taxation
 
        AN ACT to amend the real property tax law, in relation to a real proper-
          ty  tax  exemption  for  property  owned  by certain limited liability
          companies
 
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Subdivision 3 of section 425 of the real property tax law
     2  is amended by adding a new paragraph (e-1) to read as follows:
     3    (e-1) Dwellings owned by certain limited liability companies. If legal
     4  title to a dwelling is held by a single-member limited liability  compa-
     5  ny, the exemption shall be granted if the property serves as the primary
     6  residence of the member of such limited liability company.
     7    § 2. This act shall take effect immediately.
 
 
 
 
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09758-01-5

Go to top