Eligibility of Leasehold Interests for Homestead Exemptions

Summary

The bill rewrites the homestead exemption rules to include people who hold very long leases—98 years or more, or 50‑year leases that existed before June 19, 1973—and members of cooperative housing corporations. By treating these lessees and cooperative members as having legal or beneficial title, they can claim the same property‑tax break as owners.

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