Bill Text: NY A06392 | 2023-2024 | General Assembly | Introduced

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Bill Title: Caps the amount of taxes a senior has to pay on his or her real property at the amount such individual paid in the year in which he or she turned 65; provides that the individual claiming the limitation must be the owner of the property and must reside in the property for at least seventy-five percent of the year.

Spectrum: Slight Partisan Bill (Democrat 20-9)

Status: (Introduced) 2024-01-03 - referred to real property taxation [A06392 Detail]

Download: New_York-2023-A06392-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          6392

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      April 6, 2023
                                       ___________

        Introduced  by M. of A. SEPTIMO -- read once and referred to the Commit-
          tee on Real Property Taxation

        AN ACT to amend the real property tax law, in relation to the limitation
          of taxation on certain seniors

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

     1    Section  1.  The  real  property  tax  law  is amended by adding a new
     2  section 498 to read as follows:
     3    § 498. Limitation of taxation on certain seniors.  1.  The  amount  of
     4  taxes  paid  on  real property by qualified seniors in subsequent years,
     5  including school taxes, shall not exceed the amount paid by  such  indi-
     6  vidual in the year in which he or she turns sixty-five years of age.
     7    2.  For  purposes of this section, a qualified senior is an individual
     8  who is:
     9    a. the owner of the subject property; and
    10    b. resides at the property for at least two hundred seventy-four  days
    11  in any given year; and
    12    c. is at least sixty-five years of age.
    13    §  2.  This  act  shall take effect immediately and shall apply to all
    14  real property tax assessments occurring on or after such effective date.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09820-01-3