Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age and persons with disabilities and limited income

1 Co-sponsor

• David Carlucci

Title of bill

An act to amend the real property tax law, in relation to increasing the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons sixty-five years of age or over and for persons with disabilities and limited income

Purpose or general idea of bill

The purpose of this bill is to provide certain income-eligible senior citizens and persons with disabilities and limited income with relief from the burden of increasing real property taxes.

Summary of specific provisions

Section 1 amends paragraph (a) of subdivision 3 of section 467 of the Real Property Tax Law to raise the maximum income eligibility for the senior exemption from $29,000 to $50,000 beginning July 1, 2016.

Section 2 amends paragraph (a) of subdivision 5 of section 459-c of The Real Property Tax Law, to raise the maximum income eligibility for real property tax exemption for the disabled from $29,000 to $50,000 beginning July 1, 2016.

Section 3 is the effective date.

Effects of present law which this bill would alter

This bill would amend Section 467 of the Real Property Tax Law.

Justification

New York State has a growing number of low-income seniors on fixed incomes and persons with disabilities who have limited income that are faced with ever increasing property taxes making it difficult for them to continue to live in and maintain their own homes. To lessen the burden on them of ever increasing property taxes this bill provides them with much needed relief by allowing local governments the option to raise the maximum income eligibility limit for the Senior Citizen Real Property Tax Exemption program from the current $37,399.99 to $50,000. The maximum income eligibility for the Senior Citizen Real Property Tax Exemption has not been raised since 2009 and raising the Senior Real Property Tax Exemption income eligibility would make it consistent with SCRIE and DRIE.

This bill would protect some of New York's most vulnerable citizens from having to give up their homes and move out of their communities.

Prior legislative history

Chapter 259 of the Laws of 2009

Fiscal implications for state and local governments

None to the State; however, this bill might result in the loss of revenue for local governments.

Effective date

Immediately.