Bill Text: NY S08893 | 2023-2024 | General Assembly | Introduced

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Bill Title: Authorizes localities to provide for an additional real property tax exemption for senior citizens who meet the income eligibility limits and other criteria to the extent of sixty-five percent of the assessed valuation of such real property.

Spectrum: Bipartisan Bill

Status: (Introduced) 2024-05-16 - ADVANCED TO THIRD READING [S08893 Detail]

Download: New_York-2023-S08893-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8893

                    IN SENATE

                                     March 25, 2024
                                       ___________

        Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Aging

        AN ACT to amend the real property tax law, in relation to  providing  an
          additional real property tax exemption for certain senior citizens

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Paragraph (b) of subdivision 1 of section 467 of  the  real
     2  property  tax  law  is amended by adding a new subparagraph 4 to read as
     3  follows:
     4    (4) Notwithstanding the maximum exemption percentage permitted  pursu-
     5  ant  to  paragraph  (a) of this subdivision, any local law, ordinance or
     6  resolution adopted pursuant to this section may be amended, or  a  local
     7  law, ordinance or resolution may be adopted, to create additional annual
     8  income categories and corresponding exemption percentages for households
     9  making  less than the maximum income eligibility level of such municipal
    10  corporation as provided in this subdivision (represented in the  herein-
    11  below schedule as M) pursuant to the following schedule:

    12  ANNUAL INCOME          PERCENTAGE OF ASSESSED VALUATION
    13                               EXEMPT FROM TAXATION
    14  Less than (M) but
    15  more than (M- $1,000)                  50%

    16  Less than (M- $1,000) but
    17  more than (M- $2,000)                  55%

    18  Less than (M- $2,000) but              60%
    19  more than (M- $3,000); and

    20  Less than (M- $3,000)                  65%
    21    § 2. This act shall take effect immediately and shall apply to taxable
    22  years beginning on and after January 1, 2024.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10369-03-4