NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A2262A
SPONSOR: Barnwell (MS) TITLE OF BILL: An act to amend the real property tax law, in relation
to creating an age based school tax relief exemption
PURPOSE:
To help seniors save money as they age SUMMARY OF PROVISIONS: A senior
citizen eligible for exemption provided for by section 425 of the real
property tax law, will receive a subsequent exemption based on the
following formula:
Seniors aged 65-69 shall be granted a subsequent $500 exemption
Seniors aged 70-74 shall be granted a subsequent $1000 exemption
Seniors aged 75-79 shall be granted a subsequent $1500 exemption
Seniors aged 80-84 shall be granted a subsequent $2000 exemption
Seniors aged 85-89 shall be granted a subsequent $2500 exemption
Seniors aged 90 and older shall be granted a subsequent $3000 exemption
Amendment: The second exemption that is proposed in this legislation
will only be granted to those owners of the parcel in question who have
a combined income of not more than one hundred fifty thousand dollars.
JUSTIFICATION:
With individuals living longer and with the rising cost of living,
goods, and services, seniors will need more money as they age. Often,
the overall amount of money that has been saved for retirement shrinks
every year as the individual ages. A rising number of individuals who
live longer are being pushed out of their homes due to lack of savings.
Many of these individuals have lived in their own home for their whole
life. Many of these homes have been owned by the same family for gener-
ations. No New Yorker should be pushed out of their home, especially
because of high property taxes.
This bill attempts to help seniors remain in their homes by setting up a
system that allows seniors a greater tax exemption on real property
based onincreasing age. As individuals age, many will have less and less
money to live on. This bill will address this concern by helping seniors
with property taxes.
LEGISLATIVE HISTORY:
2017-2018 7628B
FISCAL IMPACT:
To be determined
EFFECTIVE DATE:
This act shall take effect the one hundred eightieth day after it shall
have become law.
