Bill Text: NY A03727 | 2011-2012 | General Assembly | Introduced

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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 percent of the assessed valuation of such real property.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2012-02-07 - print number 3727a [A03727 Detail]

Download: New_York-2011-A03727-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         3727
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   January 26, 2011
                                      ___________
       Introduced by M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. DESTITO,
         PHEFFER,  SWEENEY  --  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 PURSUANT TO
    4  PARAGRAPH (A) OF SUBDIVISION ONE OF THIS SECTION MAY BE  AMENDED,  OR  A
    5  LOCAL  LAW,  ORDINANCE  OR  RESOLUTION  MAY  BE  ADOPTED,  TO PROVIDE AN
    6  EXEMPTION TO THE EXTENT OF SIXTY PERCENT OF THE  ASSESSED  VALUATION  OF
    7  REAL  PROPERTY  IF THE INCOME OF THE OWNER OR THE COMBINED INCOME OF THE
    8  OWNERS OF THE PROPERTY FOR THE INCOME TAX YEAR IMMEDIATELY PRECEDING THE
    9  DATE OF MAKING APPLICATION FOR AN EXEMPTION EXCEEDS  THE  SUM  OF  THREE
   10  THOUSAND DOLLARS, OR SUCH OTHER SUM NOT LESS THAN THREE THOUSAND DOLLARS
   11  BUT  NOT  MORE  THAN  TWENTY-TWO  THOUSAND DOLLARS, WHILE SATISFYING ALL
   12  OTHER ELIGIBILITY CRITERIA ESTABLISHED  PURSUANT  TO  THIS  SECTION.  NO
   13  OWNER  OR  OWNERS  OF  PROPERTY ELIGIBLE FOR A REDUCTION IN THE ASSESSED
   14  VALUATION PURSUANT TO THIS SUBDIVISION SHALL BE ELIGIBLE FOR  A  FURTHER
   15  EXEMPTION PURSUANT TO THIS SECTION.
   16    (B)  ANY  LOCAL LAW, ORDINANCE OR RESOLUTION ADOPTED PURSUANT TO PARA-
   17  GRAPH (A) OF THIS SUBDIVISION MAY BE AMENDED, OR A LOCAL LAW,  ORDINANCE
   18  OR  RESOLUTION MAY BE ADOPTED, TO PROVIDE AN EXEMPTION SO AS TO INCREASE
   19  THE MAXIMUM INCOME ELIGIBILITY LEVEL OF SUCH  MUNICIPAL  CORPORATION  AS
   20  PROVIDED IN THIS SUBDIVISION (REPRESENTED IN THE HEREINBELOW SCHEDULE AS
   21  M) TO THE EXTENT PROVIDED IN THE FOLLOWING SCHEDULE:
   22  ANNUAL INCOME          PERCENTAGE OF ASSESSED VALUATION
   23                               EXEMPT FROM TAXATION
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD05099-01-1
       A. 3727                             2
    1  MORE THAN (M) BUT
    2  LESS THAN (M+ $1,000)                  55%
    3  MORE THAN (M) BUT
    4  LESS THAN (M+ $2,000)                 50%
    5    S 2. This act shall take effect immediately and shall apply to taxable
    6  years beginning on and after January 1, 2013.