ADDABBO, GALLIVAN, HARCKHAM, JACKSON, MAY, MURRAY, WEBER
MLTSPNSR
Add 498, RPT L
Caps the amount of taxes a senior has to pay on his or her real property at the amount such individual paid in the year in which he or she turned 65; provides that the individual claiming the limitation must be the owner of the property and must reside in the property for at least seventy-five percent of the year.
STATE OF NEW YORK
________________________________________________________________________
5108
2023-2024 Regular Sessions
IN SENATE
February 23, 2023
___________
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government
AN ACT to amend the real property tax law, in relation to the limitation
of taxation on certain seniors
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The real property tax law is amended by adding a new
2 section 498 to read as follows:
3 § 498. Limitation of taxation on certain seniors. 1. The amount of
4 taxes paid on real property by qualified seniors in subsequent years,
5 including school taxes, shall not exceed the amount paid by such indi-
6 vidual in the year in which he or she turns sixty-five years of age.
7 2. For purposes of this section, a qualified senior is an individual
8 who is:
9 a. the owner of the subject property; and
10 b. resides at the property for at least two hundred seventy-four days
11 in any given year; and
12 c. is at least sixty-five years of age.
13 § 2. This act shall take effect immediately and shall apply to all
14 real property tax assessments occurring on or after such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD09820-01-3
