What's happening
This bill increases the maximum income eligibility levels for real property tax exemptions for seniors in New York.
Why it matters
Gradual Expansion Over Several Years. The bill sets out a schedule for increasing the maximum income thresholds over multiple years, allowing more seniors to become eligible for property tax exemptions each year through 2024 and beyond. This phased approach helps seniors at different income levels qualify for partial exemptions.
Tiered Exemption Structure. The legislation maintains a sliding scale of exemptions, where the percentage of a property’s assessed value exempt from taxation decreases as income increases. This means seniors with lower incomes receive the greatest benefit, but even those with incomes above the previous caps can now receive partial exemptions.
Local Government Flexibility. Municipalities are empowered to adopt or amend local laws, ordinances, or resolutions to implement these higher income limits and exemption schedules, allowing local governments to tailor the program to the needs of their senior populations.
Potential for Reduced Tax Burden and Greater Housing Stability. By allowing more seniors to qualify for exemptions and by increasing the potential exemption amounts, the bill aims to help seniors remain in their homes by offsetting rising property taxes—a key factor in housing affordability and financial security for older adults.
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Expand Senior Tax Breaks
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Full text
5 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6874
2019-2020 Regular Sessions
IN ASSEMBLY
March 25, 2019
Introduced by M. of A. BRONSON -- read once and referred to the Committee on Aging
AN ACT to amend the real property tax law, in relation to increasing maximum income eligibility levels for real property tax exemptions for seniors
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph 1 of paragraph (b) of subdivision 1 of section 467 of the real property tax law, as amended by chapter 261 of the laws of 1994, is amended to read as follows:
(1) [Any] Prior to July first, two thousand twenty-one, any local law, ordinance or resolution adopted 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 subdivision three of this section (represented in the hereinbelow schedule as M), to the extent provided in the following schedule:
ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION
More than (M) but
less than (M+ $1,000) 45 per centum (M+ $1,000 or more) but
less than (M+ $2,000) 40 per centum (M+ $2,000 or more) but
less than (M+ $3,000) 35 per centum (M+ $3,000 or more) but
less than (M+ $3,900) 30 per centum (M+ $3,900 or more) but
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD10816-01-9
A. 6874 2
less than (M+ $4,800) 25 per centum (M+ $4,800 or more) but
less than (M+ $5,700) 20 per centum
§ 2. Paragraphs (c) and (d) of subdivision 1 of section 467 of the real property tax law are relettered paragraphs (g) and (h) and four new paragraphs (c), (d), (e) and (f) are added to read as follows:
(c) On and after July first, two thousand twenty-one and before July first, two thousand twenty-two, (1) Any local law, ordinance or resolution adopted 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 subdivision three of this section (represented in the hereinbelow schedule as M), to the extent provided in the following schedule: ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION More than (M) but less than (M+ $1,250) 45 per centum (M+ $1,250 or more) but less than (M+ $2,500) 40 per centum (M+ $2,500 or more) but less than (M+ $3,750) 35 per centum (M+ $3,750 or more) but less than (M+ $4,875) 30 per centum (M+ $4,875 or more) but less than (M+ $6,000) 25 per centum (M+ $6,000 or more) but less than (M+ $7,125) 20 per centum
(2) Any local law, ordinance or resolution adopted pursuant to subparagraph one of this paragraph 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 subdivision three of this section (represented in the hereinbelow schedule as M), and as increased as provided for in such subparagraph one to the extent provided in the following schedule:
ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION
(M+ $7,125 or more) but less than (M+ $8,250) 15 per centum (M+ $8,250 or more) but less than (M+ $9,375) 10 per centum
(3) Any local law, ordinance or resolution adopted pursuant to subparagraphs one and two of this paragraph 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 subdivision three of this section (represented in the hereinbelow schedule as M), and as increased as provided for in such subparagraph one to the extent provided in the following schedule:
ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION
A. 6874 3
(M+ $9,375 or more) but less than (M+ $10,500) 5 per centum
(d) On and after July first, two thousand twenty-two and before July first, two thousand twenty-three, (1) Any local law, ordinance or resolution adopted 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 subdivision three of this section (represented in the hereinbelow schedule as M), to the extent provided in the following schedule:
ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION
More than (M) but 45 per centum less than (M+ $1,500) (M+ $1,500 or more) but 40 per centum less than (M+ $3,000) (M+ $3,000 or more) but less than (M+ $4,500) 35 per centum (M+ $4,500 or more) but less than (M+ $5,850) 30 per centum (M+ $5,850 or more) but less than (M+ $7,200) 25 per centum (M+ $7,200 or more) but less than (M+ $8,550) 20 per centum
(2) Any local law, ordinance or resolution adopted pursuant to subparagraph one of this paragraph 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 subdivision three of this section (represented in the hereinbelow schedule as M), and as increased as provided for in such subparagraph one to the extent provided in the following schedule:
ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION (M+ $8,550 or more) but less than (M+ $9,900) 15 per centum (M+ $9,900 or more) but less than (M+ $11,250) 10 per centum
(3) Any local law, ordinance or resolution adopted pursuant to subparagraphs one and two of this paragraph 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 subdivision three of this section (represented in the hereinbelow schedule as M), and as increased as provided for in such subparagraph one to the extent provided in the following schedule: ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION
(M+ $11,250 or more) but less than (M+ $12,600) 5 per centum
A. 6874 4
(e) On and after July first, two thousand twenty-three and before July first, two thousand twenty-four, (1) Any local law, ordinance or resolution adopted 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 subdivision three of this section (represented in the hereinbelow schedule as M), to the extent provided in the following schedule:
ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION More than (M) but less than (M+ $1,750) 45 per centum
(M+ $1,750 or more) but less than (M+ $3,500) 40 per centum
(M+ $3,500 or more) but less than (M+ $5,250) 35 per centum
(M+ $5,250 or more) but less than (M+ $6,825) 30 per centum
(M+ $6,825 or more) but less than (M+ $8,400) 25 per centum
(M+ $8,400 or more) but less than (M+ $9,975) 20 per centum
(2) Any local law, ordinance or resolution adopted pursuant to subparagraph one of this paragraph 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 subdivision three of this section (represented in the hereinbelow schedule as M), and as increased as provided for in such subparagraph one to the extent provided in the following schedule:
ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION (M+ $9,975 or more) but less than (M+ $11,550) 15 per centum (M+ $11,550 or more) but less than (M+ $13,125) 10 per centum
(3) Any local law, ordinance or resolution adopted pursuant to subparagraphs one and two of this paragraph 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 subdivision three of this section (represented in the hereinbelow schedule as M), and as increased as provided for in such subparagraph one to the extent provided in the following schedule:
ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION (M+ $13,125 or more) but less than (M+ $14,700) 5 per centum
A. 6874 5
(f) On and after July first, two thousand twenty-four, (1) Any local law, ordinance or resolution adopted 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 subdivision three of this section (represented in the hereinbelow schedule as M), to the extent provided in the following schedule: ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION More than (M) but less than (M+ $2,000) 45 per centum (M+ $2,000 or more) but less than (M+ $4,000) 40 per centum (M+ $4,000 or more) but less than (M+ $6,000) 35 per centum (M+ $6,000 or more) but less than (M+ $7,800) 30 per centum (M+ $7,800 or more) but less than (M+ $9,600) 25 per centum (M+ $9,600 or more) but less than (M+ $11,400) 20 per centum
(2) Any local law, ordinance or resolution adopted pursuant to subparagraph one of this paragraph 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 subdivision three of this section (represented in the hereinbelow schedule as M), and as increased as provided for in such subparagraph one to the extent provided in the following schedule:
ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION (M+ $11,400 or more) but less than (M+ $13,200) 15 per centum (M+ $13,200 or more) but less than (M+ $15,000) 10 per centum
(3) Any local law, ordinance or resolution adopted pursuant to subparagraphs one and two of this paragraph 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 subdivision three of this section (represented in the hereinbelow schedule as M), and as increased as provided for in such subparagraph one to the extent provided in the following schedule:
ANNUAL INCOME PERCENTAGE ASSESSED VALUATION
EXEMPT FROM TAXATION (M+ $15,000 or more) but less than (M+ $16,800) 5 per centum
§ 3. This act shall take effect immediately.
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