Bill Text: NY A00752 | 2017-2018 | 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 70; 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 7-4)

Status: (Introduced - Dead) 2018-01-03 - referred to real property taxation [A00752 Detail]

Download: New_York-2017-A00752-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                           752
                               2017-2018 Regular Sessions
                   IN ASSEMBLY
                                     January 9, 2017
                                       ___________
        Introduced  by  M.  of A. GUNTHER, COLTON, PERRY, COOK, SKOUFIS, WALTER,
          SALADINO, RAIA, McLAUGHLIN, MONTESANO -- Multi-Sponsored by --  M.  of
          A.  BLANKENBUSH,  HOOPER,  THIELE  --  read  once  and referred to the
          Committee 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 497 to read as follows:
     3    § 497. 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 seventy 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 seventy 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.
                                                                   LBD00673-01-7