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New York State Assembly

Speaker Carl E. Heastie
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A03698 Summary:

BILL NOA03698A
 
SAME ASSAME AS S05175-A
 
SPONSORWeprin (MS)
 
COSPNSRWilliams, Alvarez, Pheffer Amato, Burroughs, Kay, Griffin, Otis
 
MLTSPNSRColton
 
Amd §467, RPT L
 
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-five percent of the assessed valuation of such real property.
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A03698 Actions:

BILL NOA03698A
 
01/30/2025referred to real property taxation
03/27/2025amend and recommit to real property taxation
03/27/2025print number 3698a
04/02/2025reported referred to ways and means
06/04/2025reported referred to rules
06/06/2025reported
06/06/2025rules report cal.426
06/06/2025ordered to third reading rules cal.426
06/06/2025passed assembly
06/06/2025delivered to senate
06/06/2025REFERRED TO RULES
06/11/2025SUBSTITUTED FOR S5175A
06/11/20253RD READING CAL.716
06/11/2025PASSED SENATE
06/11/2025RETURNED TO ASSEMBLY
12/01/2025delivered to governor
12/05/2025signed chap.581
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A03698 Text:




 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         3698--A
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 30, 2025
                                       ___________
 
        Introduced  by  M.  of  A.  WEPRIN,  WILLIAMS, ALVAREZ, PHEFFER AMATO --
          Multi-Sponsored by -- M. of A. COLTON -- read once and referred to the
          Committee on Real Property  Taxation  --  committee  discharged,  bill
          amended,  ordered reprinted as amended and recommitted to said commit-
          tee

        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. Paragraph (b) of subdivision 1 of section 467 of  the  real
     2  property  tax  law  is amended by adding a new subparagraph 4 to read as
     3  follows:
     4    (4) Notwithstanding the maximum exemption percentage permitted  pursu-
     5  ant  to  paragraph  (a) of this subdivision, any local law, ordinance or
     6  resolution adopted pursuant to this section may be amended, or  a  local
     7  law, ordinance or resolution may be adopted, to create additional annual
     8  income categories and corresponding exemption percentages for households
     9  making  less than the maximum income eligibility level of such municipal
    10  corporation as provided in this subdivision (represented in the  herein-
    11  below schedule as M) pursuant to the following schedule:
 
    12  ANNUAL INCOME          PERCENTAGE OF ASSESSED VALUATION
    13                               EXEMPT FROM TAXATION
    14  Less than (M) but
    15  more than (M- $1,000)                  50%
 
    16  Less than (M- $1,000) but
    17  more than (M- $2,000)                  55%

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06109-02-5

        A. 3698--A                          2
 
     1  Less than (M- $2,000) but              60%
     2  more than (M- $3,000); and
 
     3  Less than (M- $3,000)                  65%
     4    § 2. This act shall take effect immediately and shall apply to taxable
     5  years beginning on and after January 1, 2026.
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