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History
- Referred to aging
Companion bill
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Relates to income requirements for the real property school tax exemption granted to certain persons sixty-five years of age or over
In Assembly Committee · Aging · Sponsor Fred Thiele
Full text
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Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to income requirements for the real property school tax exemption granted to persons sixty-five years of age or over in high-appreciation municipalities
Purpose
To provide high-appreciation municipalities with the opportunity to elect to increase the income eligibility level for the real property school tax exemption granted to persons sixty-five years of age or over.
Summary of provisions
Paragraph (a) of subdivision 3 of Section 467 of the Real Property Tax Law is amended to provide "high-appreciation municipalities" with the opportunity to elect to increase the income eligibility level to $50,000 for the real property school tax exemption granted to persons sixty-five years of age or over beginning July 1, 2016. For the purposes of the paragraph a "high-appreciation municipality" is defined as: a) a special assessing unit that is a city; b) a county for which the Commissioner has established a sales price differential factor for purposes of the STAR exemption authorized by Section 425 of this title in three consecutive years and c) a city, town, village or school district which is wholly or partly located within such county.
Justification
This legislation would allow a "high-appreciation municipality" to adopt a local law, ordinance or resolution to increase the income eligibility level for the real property school tax exemption granted to persons sixty-five years of age or over from $29,000 to $50,000 beginning July 1, 2016. Under current law, these areas include Long Island, New York City and the Hudson Valley. Under the State STAR program, the maximum income level for the Enhanced STAR benefit for senior citizens is $84,550. It is long over-due that the income eligibility for the senior citizen property tax exemption be increased in "high-appreciation municipalities" that elect to do so.
Legislative history
New Legislation, 2016.
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.