New York Assembly Bill A08806

New York 2025-2026 Regular Session

• Introduced: 6/9/25
• Refer: 6/9/25

Caption

Relates to a rebate against real property taxes for certain owners of real property in the city of New York for the fiscal year commencing July 1, 2024.

Impact

A08806, if enacted, would directly impact New York City homeowners by allowing them to receive tax rebates on their annual property taxes. This provision may lead to a reduction in the overall tax burden for eligible residents while also potentially stimulating the local economy by making housing more affordable. It highlights an acknowledgment of the rising costs associated with property ownership in urban areas. Furthermore, the bill stipulates that applications for rebates must be filed electronically, which might streamline processes but also raises considerations regarding access for those lacking technological capabilities.

Summary

Bill A08806 aims to amend the real property tax law in New York City, specifically providing a rebate against real property taxes for certain property owners. The bill focuses on properties serving as the primary residence of the owners, where their combined gross income does not exceed $500,000 during the specified tax year. This measure seeks to provide financial relief to eligible homeowners who may be facing high tax burdens, especially in a densely populated and economically diverse city like New York. The rebate is intended to apply to the fiscal year commencing on July 1, 2024, reinforcing the authorities' commitment to easing the financial pressures on local residents.

Contention

Notable points of contention regarding Bill A08806 include concerns about the income threshold established for eligibility and the impact on local tax revenues. Critics may argue that setting the income limit at $500,000 could still exclude many middle-income families who are struggling with property taxes. Moreover, there may be apprehension about whether the provisions can effectively address the needs of residents without placing undue strain on the city's overall budget and financial stability. Thus, ensuring the bill is crafted in a way that suits both the fiscal responsibilities of the city and the needs of its inhabitants remains a critical aspect of the debate.