Increases the income thresholds for eligibility for the senior citizen and disabled person property tax exemptions; applies to any local law, resolution or ordinance amended or adopted on and after the effective date of this act.
STATE OF NEW YORK
________________________________________________________________________
3054
2025-2026 Regular Sessions
IN ASSEMBLY
January 23, 2025
___________
Introduced by M. of A. LUNSFORD -- read once and referred to the Commit-
tee on Aging
AN ACT to amend the real property tax law, in relation to the senior
citizen and disabled property owner exemption
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, as amended by section 1 of part B of chapter 686 of
3 the laws of 2022, is amended to read as follows:
4 (b) (1) Any local law, ordinance or resolution adopted pursuant to
5 paragraph (a) of this subdivision may be amended, or a local law, ordi-
6 nance or resolution may be adopted, to provide an exemption so as to
7 increase the maximum income eligibility level of such municipal corpo-
8 ration as provided in subdivision three of this section (represented in
9 the hereinbelow schedule as M), to the extent provided in the following
10 schedule:
11 ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
12 EXEMPT FROM TAXATION OR PILOT
13 More than (M) but
14 [less than (M+ $1,000) 45 per centum
15 (M+ $1,000 or more) but
16 less than (M+ $2,000) 40 per centum
17 (M+ $2,000 or more) but]
18 less than (M+ [$3,000] 35 per centum
19 $10,000)
20 [(M+ $3,000 or more) but
21 less than (M+ $3,900) 30 per centum
22 (M+ $3,900 or more) but
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04443-01-5
A. 3054 2
1 less than (M+ $4,800) 25 per centum
2 (M+ $4,800 or more) but
3 less than (M+ $5,700) 20 per centum]
4 (2) Any local law, ordinance or resolution adopted pursuant to subpar-
5 agraph one of this paragraph may be amended, or a local law, ordinance
6 or resolution may be adopted, to provide an exemption so as to increase
7 the maximum income eligibility level of such municipal corporation as
8 provided in subdivision three of this section (represented in the here-
9 inbelow schedule as M), and as increased as provided for in such subpar-
10 agraph one to the extent provided in the following schedule:
11 ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
12 EXEMPT FROM TAXATION OR PILOT
13 (M+ [$5,700] $10,000 or more) but
14 less than (M+ [$6,600] 15 per centum
15 $25,000)
16 [(M+ $6,600 or more) but
17 less than (M+ $7,500) 10 per centum]
18 (3) Any local law, ordinance or resolution adopted pursuant to subpar-
19 agraphs one and two of this paragraph may be amended, or a local law,
20 ordinance or resolution may be adopted, to provide an exemption so as to
21 increase the maximum income eligibility level of such municipal corpo-
22 ration as provided in subdivision three of this section (represented in
23 the hereinbelow schedule as M), and as increased as provided for in such
24 subparagraph one to the extent provided in the following schedule:
25 ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
26 EXEMPT FROM TAXATION OR PILOT
27 (M+ [$7,500] $25,000 or more)
28 but less than (M+ [$8,400] 5 per centum
29 $35,000)
30 § 2. Paragraph (b) of subdivision 1 of section 459-c of the real prop-
31 erty tax law, as amended by section 2 of part B of chapter 686 of the
32 laws of 2022, is amended to read as follows:
33 (b) Any local law or resolution adopted pursuant to paragraph (a) of
34 this subdivision may be amended, or a local law or resolution may be
35 adopted, to provide an exemption so as to increase the maximum income
36 eligibility level of such municipal corporation as provided in subdivi-
37 sion five of this section (represented in the hereinbelow schedule as
38 M), to the extent provided in the following schedule:
39 ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
40 EXEMPT FROM TAXATION OR PILOT
41 More than (M) but
42 [less than (M+ $1,000) 45 per centum
43 (M+ $1,000 or more) but
44 less than (M+ $2,000) 40 per centum
45 (M+ $2,000 or more) but]
46 less than (M+ [$3,000] $10,000) 35 per centum
47 [(M+ $3,000 or more) but
48 less than (M+ $3,900) 30 per centum
49 (M+ $3,900 or more) but
A. 3054 3
1 less than (M+ $4,800) 25 per centum
2 (M+ $4,800 or more) but
3 less than (M+ $5,700) 20 per centum]
4 (M+ [$5,700] $10,000 or more) but
5 less than (M+ [$6,600] $25,000) 15 per centum
6 [(M+ $6,600 or more) but
7 less than (M+ $7,500) 10 per centum]
8 (M + [$7,500] $25,000 or more) but
9 less than (M+ [$8,400] $35,000) 5 per centum
10 § 3. The state shall, within an appropriation made available therefor,
11 reimburse municipal corporations for the difference between the amount
12 of real property tax revenue abated for the fiscal year of such munici-
13 pality that occurs after April 1, 2024 pursuant to the income thresholds
14 established pursuant to the provisions of this act, and the amount of
15 real property tax revenue that would have been abated for such period
16 pursuant to the income thresholds that were in effect immediately prior
17 to the effective date of this act.
18 § 4. This act shall take effect immediately and shall apply to any
19 local law, resolution or ordinance amended or adopted on and after the
20 effective date of this act.
