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New York State Assembly

Speaker Carl E. Heastie
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S05175 Summary:

BILL NOS05175A
 
SAME ASSAME AS A03698-A
 
SPONSORCOMRIE
 
COSPNSRHARCKHAM, HELMING, JACKSON, RHOADS, ROLISON
 
MLTSPNSR
 
Amd §467, RPT L
 
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.
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S05175 Actions:

BILL NOS05175A
 
02/19/2025REFERRED TO AGING
04/01/2025AMEND AND RECOMMIT TO AGING
04/01/2025PRINT NUMBER 5175A
04/29/20251ST REPORT CAL.716
04/30/20252ND REPORT CAL.
05/01/2025ADVANCED TO THIRD READING
06/11/2025SUBSTITUTED BY A3698A
 A03698 AMEND=A Weprin (MS)
 01/30/2025referred to real property taxation
 03/27/2025amend and recommit to real property taxation
 03/27/2025print number 3698a
 04/02/2025reported referred to ways and means
 06/04/2025reported referred to rules
 06/06/2025reported
 06/06/2025rules report cal.426
 06/06/2025ordered to third reading rules cal.426
 06/06/2025passed assembly
 06/06/2025delivered to senate
 06/06/2025REFERRED TO RULES
 06/11/2025SUBSTITUTED FOR S5175A
 06/11/20253RD READING CAL.716
 06/11/2025PASSED SENATE
 06/11/2025RETURNED TO ASSEMBLY
 12/01/2025delivered to governor
 12/05/2025signed chap.581
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S05175 Text:




 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5175--A
 
                               2025-2026 Regular Sessions
 
                    IN SENATE
 
                                    February 19, 2025
                                       ___________
 
        Introduced  by  Sens.  COMRIE, RHOADS, ROLISON -- read twice and ordered
          printed, and when printed to be committed to the Committee on Aging --
          committee discharged, bill amended, ordered reprinted as  amended  and
          recommitted to said committee
 
        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  ANNUAL INCOME          PERCENTAGE OF ASSESSED VALUATION
    13                               EXEMPT FROM TAXATION
    14  Less than (M) but
    15  more than (M- $1,000)                  50%
 
    16  Less than (M- $1,000) but
    17  more than (M- $2,000)                  55%
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06109-03-5

        S. 5175--A                          2
 
     1  Less than (M- $2,000) but              60%
     2  more than (M- $3,000); and
 
     3  Less than (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.
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