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. LBD10369-01-3A. 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.