Homeowners, Property Tax & Repairs · Surprise rank #41
Creditor Coming After Your Home? NY Protects Up to $204,825 of Home Equity in NYC & Long Island
New York's homestead exemption protects a statutory amount of equity in an owner-occupied principal residence from many ordinary money judgments.
Who
New York judgment debtors who own and occupy a qualifying principal residence, including a house, condominium, cooperative apartment or mobile home.
What to do
Start here: If a judgment creditor threatens the home, identify the county, current equity and type of debt, then raise the CPLR §5206 exemption promptly with a lawyer or court-help resource.
Eligibility: The property must fit CPLR §5206 and be owned and occupied as a principal residence. The exemption applies to equity above liens and encumbrances.
What you get
CPLR §5206 exempts qualifying principal-residence equity from application to many money judgments.
Benefit: As of the April 1, 2024 adjustment, up to $204,825 of qualifying equity in NYC, Nassau, Suffolk, Rockland, Westchester and Putnam; $170,700 in specified mid-tier counties; $102,400 elsewhere in New York.
Possible value: Up to the applicable statutory equity exemption, depending on location, ownership and liens.
Good to know
Important: This does not erase a mortgage, property tax, purchase-money obligation or every possible lien. Exemption amounts adjust periodically; the next scheduled adjustment is April 1, 2027.
Availability: Active; current adjusted amounts effective April 1, 2024
Why people miss it: People often hear that a creditor can 'take the house' without realizing New York protects a substantial statutory slice of principal-residence equity.
Sources reviewed: Aug 10, 2026