NY Bill A 6770 Could Unlock Hidden Property Tax Breaks—What You Need To Know!
New York State is on the brink of a significant change with the recent delivery of Bill A 6770 to the governor. Sponsored by Assemblymember Griffin, the bill focuses on expanding the applicability of the residential redevelopment inhibited property exemption. This exemption aims to provide much-needed financial relief to residential properties that are hindered in redevelopment due to various constraints.
If signed into law, this bill could help unlock new opportunities for property owners facing redevelopment challenges, potentially making it easier and more affordable to revitalize properties in need. The move is seen as a step toward encouraging investment and rejuvenation in neighborhoods that have struggled with inhibited redevelopment for years.
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