Bill Text: NY A02762 | 2015-2016 | General Assembly | Introduced

New York Assembly Bill 2762 (Prior Session Legislation)

Introduced

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 percent of the assessed valuation of such real property.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Introduced - Dead) 2016-01-06 - referred to real property taxation [A02762 Detail]

Download: New_York-2015-A02762-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         2762
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 20, 2015
                                      ___________
       Introduced  by M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. COLTON,
         MONTESANO, PERRY, TITONE -- 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:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01129-02-5
       A. 2762                             2
    1  ANNUAL INCOME          PERCENTAGE OF ASSESSED VALUATION
    2                               EXEMPT FROM TAXATION
    3  MORE THAN (M) BUT
    4  LESS THAN (M+ $1,000)                  55%
    5  MORE THAN (M) BUT
    6  LESS THAN (M+ $2,000)                 50%
    7    S 2. This act shall take effect immediately and shall apply to taxable
    8  years beginning on and after January 1, 2016.