Requires all municipal corporations to adopt senior citizen rent increase exemption programs and disability rent increase exemption programs within one year.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A2666
SPONSOR: Cunningham TITLE OF BILL:
An act to amend the real property tax law, in relation to requiring
municipal corporations to adopt senior citizen rent increase exemption
programs and disability rent increase exemption programs
PURPOSE OR GENERAL IDEA OF BILL:
To increase the maximum income allowable for senior citizen homeowners
to be eligible for a tax exemption
SUMMARY OF PROVISIONS:
Section 1 increases the maximum income allowable to $75,000. Section 2
provides for an immediate effective date.
DIFFERENCE BETWEEN ORIGINAL
AND AMENDED VERSION (IF APPLICABLE):
Changes income limit from $100,000 to $75,000, which represents a better
tradeoff between senior assistance and revenue for the state.
JUSTIFICATION:
Many senior citizens, living on a fixed income, are eligible for a
partial property tax exemption. Current maximum income for eligibility
ranges between $55,700 and $58,400. Nevertheless, seniors earning
between $58,400 and $75,000 still face significant financial pressures
and would benefit from a partial property tax exemption.
PRIOR LEGISLATIVE HISTORY:
2023-24: A6398/S6305 - Referred to Aging
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
EFFECTIVE DATE:
Immediately.
STATE OF NEW YORK
________________________________________________________________________
2666
2025-2026 Regular Sessions
IN ASSEMBLY
January 21, 2025
___________
Introduced by M. of A. CUNNINGHAM -- read once and referred to the
Committee on Aging
AN ACT to amend the real property tax law, in relation to requiring
municipal corporations to adopt senior citizen rent increase
exemption programs and disability rent increase exemption programs
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The opening paragraph of subdivision 2 of section 467-b of
2 the real property tax law, as amended by chapter 747 of the laws of
3 1985, is amended to read as follows:
4 [The] No later than one year after the effective date of the chapter
5 of the laws of two thousand twenty-five that amended this subdivision,
6 the governing body of [any] a municipal corporation [is hereby author-
7 ized and empowered to] shall adopt, after public hearing, in accordance
8 with the provisions of this section, a local law, ordinance or resol-
9 ution providing for the abatement of taxes of said municipal corporation
10 imposed on real property containing a dwelling unit as defined herein by
11 one of the following amounts:
12 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05619-01-5
