Authorizes localities to provide for an additional real property tax exemption for senior citizens who meet the income eligibility limits and other criteria to the extent of sixty-five percent of the assessed valuation of such real property.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A3698A
SPONSOR: Weprin (MS) TITLE OF BILL:
An act to amend the real property tax law, in relation to providing an
additional real property tax exemption for certain senior citizens
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to provide relief from the burden of
increasing real properly taxes (RPT) for certain income eligible elderly
individuals.
SUMMARY OF PROVISIONS:
This bill would offer municipalities in New York the option to provide
older New Yorkers who are homeowners with low incomes a greater level of
RPT relief than can presently be offered through the existing structure
of the Senior Citizen RPT Exemption Program. Municipalities would be
granted the option to offer senior citizens with incomes below the maxi-
mum income eligibility level additional exemption benefits up to a
sixty-five percent. This bill would not impact the income eligibility
limits for exemptions currently available.
EFFECTS OF PRESENT LAW WHICH THIS BILL WOULD ALTER
This bill would amend section 467 of the real property tax law.
JUSTIFICATION:
Senior citizens living on fixed incomes across the State are shouldering
an increasing amount of the real property tax burden each year. Since
1966, the maximum percentage of exemption local governments have been
able to offer senior citizens has remained at 50%.
This proposal would authorize localities the option to offer a RPT
exemption of up to 65% to seniors with incomes below the "maximum income
eligibility level" set by such locality.
Elderly homeowners with incomes less than the current maximum income
eligibility limit are most at risk of premature dislocation from their
homes as a result of increasing RPT rates and require the expansion of
benefits as proposed in this bill.
PRIOR LEGISLATIVE HISTORY:
04/05/23 referred to real property taxation
01/03/24 referred to real property taxation
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None to the state.
EFFECTIVE DATE:
Immediately.
STATE OF NEW YORK
________________________________________________________________________
3698--A
2025-2026 Regular Sessions
IN ASSEMBLY
January 30, 2025
___________
Introduced by M. of A. WEPRIN, WILLIAMS, ALVAREZ, PHEFFER AMATO --
Multi-Sponsored by -- M. of A. COLTON -- read once and referred to the
Committee on Real Property Taxation -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
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 Assem-bly, do enact as follows:
1 Section 1. Paragraph (b) of subdivision 1 of section 467 of the real
2 property tax law is amended by adding a new subparagraph 4 to read as
3 follows:
4 (4) Notwithstanding the maximum exemption percentage permitted pursu-
5 ant to paragraph (a) of this subdivision, any local law, ordinance or
6 resolution adopted pursuant to this section may be amended, or a local
7 law, ordinance or resolution may be adopted, to create additional annual
8 income categories and corresponding exemption percentages for households
9 making less than the maximum income eligibility level of such municipal
10 corporation as provided in this subdivision (represented in the herein-
11 below schedule as M) pursuant to the following schedule:
12 ANNUALINCOMEPERCENTAGEOFASSESSEDVALUATION
13 EXEMPTFROMTAXATION
14 Lessthan(M)but
15 morethan(M-$1,000)50%
16 Lessthan(M-$1,000)but
17 morethan(M-$2,000)55%
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06109-02-5
A. 3698--A 2
1 Lessthan(M-$2,000)but60%
2 morethan(M-$3,000);and
3 Lessthan(M-$3,000)65%
4 § 2. This act shall take effect immediately and shall apply to taxable
5 years beginning on and after January 1, 2026.
