What's happening
This bill changes the property value limit for qualifying for New York's real property tax circuit breaker credit to the greater of $85,000 or the county’s median sales price.
Why it matters
Expands eligibility for circuit breaker credits. By tying the property value limit to the higher of $85,000 or the county’s median sales price, more homeowners—especially in high-cost areas—may qualify for property tax relief, which could help middle-income families and seniors stay in their homes.
Adjusts for regional real estate differences. The amendment recognizes that property values vary widely across New York State, making the credit accessible in counties where real estate prices have outpaced the old $85,000 threshold, addressing long-standing concerns about fairness between urban, suburban, and rural taxpayers.
Potential fiscal impact on state budget. With more people eligible for the circuit breaker credit, the state could see increased costs for this tax benefit, which may influence budget decisions or require offsetting measures elsewhere.
Reflects changes in housing markets over time. By updating the limit mechanism, the law becomes more responsive to future real estate trends, helping ensure that the circuit breaker credit remains relevant as property values change.
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Who cares
Headline styles
Expand Property Tax Credit
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to aging
- Referred to aging
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1483
2017-2018 Regular Sessions
IN ASSEMBLY
January 12, 2017
Introduced by M. of A. ENGLEBRIGHT -- read once and referred to the Committee on Aging
AN ACT to amend the tax law, in relation to the determination of the value of real estate for purposes of qualifying for the personal income tax real property tax circuit breaker credit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (C) of paragraph 7 of subsection (e) of section 606 of the tax law, as amended by chapter 28 of the laws of 1987, is amended to read as follows:
(C) To a property owner who owns real property, the full value of which exceeds eighty-five thousand dollars or the median sales price of real property in the county in which the real property is located, whichever is greater, as determined by the commissioner.
§ 2. This act shall take effect immediately and shall apply to taxable years commencing on or after January 1, 2017.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03354-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.