Bill Text: NY S08954 | 2023-2024 | General Assembly | Introduced

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Bill Title: Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age; increases such amount to $75,000.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-02 - REFERRED TO AGING [S08954 Detail]

Download: New_York-2023-S08954-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8954

                    IN SENATE

                                      April 2, 2024
                                       ___________

        Introduced  by  Sen.  CLEARE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Aging

        AN ACT to amend the real property tax law, in relation to increasing the
          amount of income property owners may earn for the purpose of eligibil-
          ity for the property tax exemption for persons sixty-five years of age
          or over

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

     1    Section  1.  Subparagraph  (i)  of  paragraph  (a) of subdivision 3 of
     2  section 467 of the real property tax law, as amended  by  section  2  of
     3  part K of chapter 59 of the laws of 2023, is amended to read as follows:
     4    (i) if the income of the owner or the combined income of the owners of
     5  the property for the applicable income tax year exceeds the sum of three
     6  thousand dollars, or such other sum not less than three thousand dollars
     7  nor  more than [fifty] seventy-five thousand dollars, as may be provided
     8  by the local law, ordinance  or  resolution  adopted  pursuant  to  this
     9  section.
    10    § 2. This act shall take effect immediately.






         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11870-03-4