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A03989 Summary:

BILL NO	A03989
SAME AS	No Same As
SPONSOR	Weprin (MS)
COSPNSR
MLTSPNSR	Colton, Montesano, Perry
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 percent of the assessed valuation of such real property.

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A03989 Actions:

BILL NO	A03989
01/31/2019	referred to real property taxation
01/08/2020	referred to real property taxation

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A03989 Committee Votes:

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A03989 Floor Votes:

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A03989 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          3989
 
                               2019-2020 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 31, 2019
                                       ___________
 
        Introduced  by M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. COLTON,
          MONTESANO, PERRY -- 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.
                                                                   LBD07510-01-9
        A. 3989                             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    § 2. This act shall take effect immediately and shall apply to taxable
     8  years beginning on and after January 1, 2020.

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