What's happening
This bill allows New York City to provide an increased real property tax exemption for certain senior citizens based on income.
Why it matters
Expands property tax relief options for seniors in NYC by allowing a significantly larger exemption (up to 60% of assessed property value) for those with incomes between $3,000 and $22,000. potentially easing housing cost burdens for more moderate-income seniors who previously may not have qualified.
Grants New York City flexibility to further adjust maximum income limits and exemption percentages via local law or ordinance. , meaning the city can tailor the program to local needs and economic conditions without waiting for further state legislation.
Introduces a tiered exemption structure, where seniors with slightly higher incomes (just above the new maximum) still receive partial exemptions (55% or 50% of assessed value). helping to prevent a “benefits cliff” where small income increases would otherwise result in a total loss of tax relief.
Ensures that seniors cannot “double dip” by receiving both the new higher exemption and the existing exemption simultaneously. , focusing the benefit on those who most need enhanced assistance, and potentially improving the program’s fiscal sustainability.
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Who cares
Headline styles
Expand Senior Tax Exemptions
Plain English, a few words. Used as the page title.
Sponsors
4 Multi-sponsors
History
- Referred to real property taxation
- Referred to real property taxation
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5099
2017-2018 Regular Sessions
IN ASSEMBLY
February 6, 2017
Introduced by M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. COLTON, MONTESANO, PERRY, TITONE -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to providing an additional real property tax exemption for certain senior citizens
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 467 of the real property tax law is amended by adding a new subdivision 1-a to read as follows:
1-a. (a) Any local law, ordinance or resolution adopted by a city with a population of one million or more pursuant to paragraph (a) of subdivision one of this section may be amended, or a local law, ordinance or resolution may be adopted, to provide an exemption to the extent of sixty percent of the assessed valuation of real property if the income of the owner or the combined income of the owners of the property for the income tax year immediately preceding the date of making application for an exemption exceeds the sum of three thousand dollars, or such other sum not less than three thousand dollars but not more than twenty-two thousand dollars, while satisfying all other eligibility criteria established pursuant to this section. No owner or owners of property eligible for a reduction in the assessed valuation pursuant to this subdivision shall be eligible for a further exemption pursuant to this section.
(b) Any local law, ordinance or resolution adopted by a city with a population of one million or more pursuant to paragraph (a) of this subdivision may be amended, or a local law, ordinance or resolution may be adopted, to provide an exemption so as to increase the maximum income eligibility level of such municipal corporation as provided in this subdivision (represented in the hereinbelow schedule as M) to the extent provided in the following schedule:
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09146-01-7
A. 5099 2
ANNUAL INCOME PERCENTAGE OF ASSESSED VALUATION
EXEMPT FROM TAXATION More than (M) but less than (M+ $1,000) 55%
More than (M) but less than (M+ $2,000) 50%
§ 2. This act shall take effect immediately and shall apply to taxable years beginning on and after January 1, 2018.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
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