Establishes a capped property school tax rate for persons sixty-seven years of age or older who have a combined annual income of $60,000 or less

2 Co-sponsors

• Michael H. Ranzenhofer
• Lee M. Zeldin

BILL NUMBER:S3508

Title of bill

An act to amend the real property tax law, in relation to establishing a capped real property school tax rate for persons sixty-seven years of age or older whose combined annual income is sixty thousand dollars or less

Purpose

This legislation will establish a capped property school tax rate for persons sixty-seven years of age or older who have a combined income of $60,000 or less.

Summary of provisions

Section 1 - The real property tax lawns amended by adding a new section 431 to cap the real property school tax rate on homeowners who are 67 years of age and over and whose combined annual income is $60,000 or less.

Requirements are included to determine annual applications, taxable status date and proof of age. Also provides every school district to notify, or cause to be notified the provisions of this section. A sample notice of form is offered to fulfill such requirement.

Justification

Due to skyrocketing property and school taxes, seniors are being forced out of their homes and out of New York State at an alarming rate. Often, our seniors live on fixed incomes and a strict budget. New York residents have fallen victim to rising taxes fueled by over spending and waste.

This legislation seeks to remedy New York's property and school tax crisis for seniors by establishing a capped property school tax rate for those individuals sixty seven years or older and have a combined income of 60,000 dollars or less a year. By establishing a capped real property school tax rate it would be providing much needed financial relief to our senior citizens.

Legislative history

5/3/11 Referred to Local Government 6/21/12 Committed to Rules

Fiscal implications

To be determined.

Effective date

This act shall take effect January 1, 2014 and shall apply to assessment rolls prepared on the basis of taxable status dates occurring on or after such date.