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Sponsors
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History
- Referred to local government
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
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 70
In Assembly Committee · Real Property Taxation · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to the limitation of taxation on certain seniors
Purpose
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 70.
Summary of provision
Amends the real property tax law by adding a new Section 497 to limit taxation on certain seniors; the amount of taxes paid on real property by qualified seniors in subsequent years, including school taxes, shall not exceed the amount paid by such individual in the year in which the senior turns seventy years of age. For purposes of this section, a senior is an individual who is the owner of the subject property and resides at the property for at least 274 days in any given year is at least seventy years of age.
Existing law
Provides for a STAR Exemption for seniors on Real Property Tax.
Justification
Given the rising real property taxes and school taxes across the state, Seniors are unable to keep up with the financial increases. The STAR Exemption is hardly adequate when seniors face double-digit tax increases. The income of most seniors does not increase adequately over time. Small cost of living increases may enhance the seniors' retirement funds but they are certainly eaten up by insurance premiums, medical costs and utilities.
Legislative history
2013-2014: S6760 Referred to Local Govt./A1710 referred to real property tax 2011-12: A400 Referred to Real Property Taxation 2009-10: A1149 Referred to Real Property Taxation 2007-08: A1230 Referred to Aging 2005-06: A9294 Referred to Aging
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.