STATE OF NEW YORK ________________________________________________________________________ 6007--A Cal. No. 143 2023-2024 Regular Sessions IN SENATE March 27, 2023 ___________ Introduced by Sen. PARKER -- read twice and ordered printed, and when printed to be committed to the Committee on Judiciary -- recommitted to the Committee on Judiciary in accordance with Senate Rule 6, sec. 8 -- reported favorably from said committee, ordered to first and second report, amended on second report, ordered to a third reading, and to be reprinted as amended, retaining its place in the order of third reading AN ACT to amend the civil practice law and rules, in relation to increasing the value of homesteads which are to be exempt from civil judgments The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivisions (a), (d) and (e) of section 5206 of the civil 2 practice law and rules, as amended by chapter 568 of the laws of 2010, 3 are amended to read as follows: 4 (a) Exemption of homestead. Property of one of the following types, 5 not exceeding [one] two hundred fifty thousand dollars for the counties 6 of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, 7 Westchester and Putnam; one hundred twenty-five thousand dollars for the 8 counties of Dutchess, Albany, Columbia, Orange, Saratoga and Ulster; and 9 seventy-five thousand dollars for the remaining counties of the state in 10 value above liens and encumbrances, owned and occupied as a principal 11 residence, is exempt from application to the satisfaction of a money 12 judgment, unless the judgment was recovered wholly for the purchase 13 price thereof: 14 1. a lot of land with a dwelling thereon, 15 2. shares of stock in a cooperative apartment corporation, 16 3. units of a condominium apartment, or 17 4. a mobile home. 18 But no exempt homestead shall be exempt from taxation or from sale for 19 non-payment of taxes or assessments. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04632-02-4
S. 6007--A 2 1 (d) Exemption of homestead exceeding [one] two hundred fifty thousand 2 dollars in value for the counties of Kings, Queens, New York, Bronx, 3 Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam; one hundred 4 twenty-five thousand dollars for the counties of Dutchess, Albany, 5 Columbia, Orange, Saratoga and Ulster; and seventy-five thousand dollars 6 for the remaining counties of the state. The exemption of a homestead is 7 not void because the value of the property exceeds [one] two hundred 8 fifty thousand dollars for the counties of Kings, Queens, New York, 9 Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester and Putnam; one 10 hundred twenty-five thousand dollars for the counties of Dutchess, Alba- 11 ny, Columbia, Orange, Saratoga and Ulster; and seventy-five thousand 12 dollars for the remaining counties of the state but the lien of a judg- 13 ment attaches to the surplus. 14 (e) Sale of homestead exceeding [one] two hundred fifty thousand 15 dollars for the counties of Kings, Queens, New York, Bronx, Richmond, 16 Nassau, Suffolk, Rockland, Westchester and Putnam; one hundred twenty- 17 five thousand dollars for the counties of Dutchess, Albany, Columbia, 18 Orange, Saratoga and Ulster; and seventy-five thousand dollars for the 19 remaining counties of the state in value. A judgment creditor may 20 commence a special proceeding in the county in which the homestead is 21 located against the judgment debtor for the sale, by a sheriff or 22 receiver, of a homestead exceeding [one] two hundred fifty thousand 23 dollars for the counties of Kings, Queens, New York, Bronx, Richmond, 24 Nassau, Suffolk, Rockland, Westchester and Putnam; one hundred twenty- 25 five thousand dollars for the counties of Dutchess, Albany, Columbia, 26 Orange, Saratoga and Ulster; and seventy-five thousand dollars for the 27 remaining counties of the state in value. The court may direct that the 28 notice of petition be served upon any other person. The court, if it 29 directs such a sale, shall so marshal the proceeds of the sale that the 30 right and interest of each person in the proceeds shall correspond as 31 nearly as may be to his right and interest in the property sold. Money, 32 not exceeding [one] two hundred fifty thousand dollars for the counties 33 of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, 34 Westchester and Putnam; one hundred twenty-five thousand dollars for the 35 counties of Dutchess, Albany, Columbia, Orange, Saratoga and Ulster; and 36 seventy-five thousand dollars for the remaining counties of the state, 37 paid to a judgment debtor, as representing his interest in the proceeds, 38 is exempt for one year after the payment, unless, before the expiration 39 of the year, he acquires an exempt homestead, in which case, the 40 exemption ceases with respect to so much of the money as was not 41 expended for the purchase of that property; and the exemption of the 42 property so acquired extends to every debt against which the property 43 sold was exempt. Where the exemption of property sold as prescribed in 44 this subdivision has been continued after the judgment debtor's death, 45 or where he dies after the sale and before payment to him of his portion 46 of the proceeds of the sale, the court may direct that portion of the 47 proceeds which represents his interest be invested for the benefit of 48 the person or persons entitled to the benefit of the exemption, or be 49 otherwise disposed of as justice requires. 50 § 2. This act shall take effect immediately.