Alvarez, Reyes, Stern, Eachus, Bendett, Chang, De Los Santos
MLTSPNSR
Amd §467, RPT L
Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age; increases such amount to $75,000.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A4539
SPONSOR: Cunningham TITLE OF BILL:
An act to amend the real property tax law, in relation to increasing the
amount of income property owners may earn for the purpose of eligibility
for the property tax exemption for persons sixty-five years of age or
over
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 $100,000. Section 2
provides for an immediate effective date.
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):
N/A
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 $100,000 still face significant financial pressures
and would benefit from a partial property tax exemption.
PRIOR LEGISLATIVE HISTORY:
2023/24: A7887 - referred to aging
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
EFFECTIVE DATE:
Immediately.
STATE OF NEW YORK
________________________________________________________________________
4539
2025-2026 Regular Sessions
IN ASSEMBLY
February 4, 2025
___________
Introduced by M. of A. CUNNINGHAM, ALVAREZ, REYES, STERN, EACHUS,
BENDETT, CHANG -- read once and referred to the Committee on Aging
AN ACT to amend the real property tax law, in relation to increasing the
amount of income property owners may earn for the purpose of eligibil-
ity for the property tax exemption for persons sixty-five years of age
or over
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subparagraph (i) of paragraph (a) of subdivision 3 of
2 section 467 of the real property tax law, as amended by section 2 of
3 part K of chapter 59 of the laws of 2023, is amended to read as follows:
4 (i) if the income of the owner or the combined income of the owners of
5 the property for the applicable income tax year exceeds the sum of three
6 thousand dollars, or such other sum not less than three thousand dollars
7 nor more than [fifty] seventy-five thousand dollars, as may be provided
8 by the local law, ordinance or resolution adopted pursuant to this
9 section.
10 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00271-01-5
