Bill Text: NY A06362 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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: Partisan Bill (Democrat 5-0)

Status: (Introduced) 2024-06-07 - reported referred to rules [A06362 Detail]

Download: New_York-2023-A06362-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6362

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      April 5, 2023
                                       ___________

        Introduced  by  M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. COLTON
          -- read once and referred to the Committee on Real Property Taxation

        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. Section 467 of the real property  tax  law  is  amended  by
     2  adding a new subdivision 1-a to read as follows:
     3    1-a. (a) Any local law, ordinance or resolution adopted by a city with
     4  a  population of one million or more pursuant to paragraph (a) of subdi-
     5  vision one of this section may be amended, or a local law, ordinance  or
     6  resolution  may  be  adopted,  to  provide an exemption to the extent of
     7  sixty percent of the assessed valuation of real property if  the  income
     8  of  the  owner  or the combined income of the owners of the property for
     9  the income tax year immediately preceding the date of making application
    10  for an exemption exceeds the sum of  three  thousand  dollars,  or  such
    11  other  sum  not less than three thousand dollars but not more than twen-
    12  ty-two thousand dollars, while satisfying all other eligibility criteria
    13  established pursuant to this section. No owner  or  owners  of  property
    14  eligible  for  a  reduction  in  the assessed valuation pursuant to this
    15  subdivision shall be eligible for a further exemption pursuant  to  this
    16  section.
    17    (b)  Any  local  law, ordinance or resolution adopted by a city with a
    18  population of one million or more pursuant  to  paragraph  (a)  of  this
    19  subdivision  may be amended, or a local law, ordinance or resolution may
    20  be adopted, to provide an exemption so as to increase the maximum income
    21  eligibility level of such municipal  corporation  as  provided  in  this
    22  subdivision (represented in the hereinbelow schedule as M) to the extent
    23  provided in the following schedule:

    24  ANNUAL INCOME          PERCENTAGE OF ASSESSED VALUATION

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10369-01-3
        A. 6362                             2

     1                               EXEMPT FROM TAXATION
     2  More than (M) but
     3  less than (M+ $1,000)                  55%

     4  More than (M+ $1,000) but
     5  less than (M+ $2,000)                 50%
     6    § 2. This act shall take effect immediately and shall apply to taxable
     7  years beginning on and after January 1, 2024.