Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
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Jan 06, 2010 |
referred to aging |
Jan 07, 2009 |
referred to aging |
Senate Bill S261
2009-2010 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Aging Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
2009-S261 (ACTIVE) - Details
2009-S261 (ACTIVE) - Summary
Provides for the imposition of a fixed real property assessed value on residential property owned by persons 65 years of age or older, when such owners have a combined annual income of $100,000 or less and the property taxes on such property equals or exceeds 6% of the owners' combined annual income; provides for state reimbursement to municipalities for tax revenue lost pursuant to such fixed real property assessed value.
2009-S261 (ACTIVE) - Sponsor Memo
BILL NUMBER: S261 TITLE OF BILL : An act to amend the real property tax law, in relation to providing for a fixed real property assessed value for residential real property owned by certain persons sixty-five years of age or older, and providing state reimbursement to municipalities for lost real property tax revenue PURPOSE : To provide a freeze in the assessed value of real property owned by individuals over the age of sixty five. SUMMARY OF PROVISIONS : Section 1-adds a new section 431 to the real property tax law providing for a fixed real property assessed value for persons sixty five years of age or older who have owned and occupied their primary residence for ten or more years and who have an income of less than $100,000 and whose real property taxes on said property exceed six percent of their income. Eligible participants would apply annually with their assessor to participate in this program by completing a form developed by the Office of Real Property Services. The assessor is charged with notifying all real property owners within their assessing units of this program.
2009-S261 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 261 2009-2010 Regular Sessions I N S E N A T E (PREFILED) January 7, 2009 ___________ Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Aging AN ACT to amend the real property tax law, in relation to providing for a fixed real property assessed value for residential real property owned by certain persons sixty-five years of age or older, and provid- ing state reimbursement to municipalities for lost real property tax revenue THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property tax law is amended by adding a new section 431 to read as follows: S 431. PERSONS SIXTY-FIVE YEARS OF AGE OR OLDER; FIXED REAL PROPERTY ASSESSED VALUE. 1. RESIDENTIAL REAL PROPERTY OWNED AND OCCUPIED AS THE PRIMARY RESIDENCE, FOR TEN OR MORE CONSECUTIVE YEARS, OF ONE OR MORE PERSONS, EACH OF WHOM IS SIXTY-FIVE YEARS OF AGE OR OLDER AND ALL OF WHOM HAVE A COMBINED ANNUAL INCOME OF ONE HUNDRED THOUSAND DOLLARS OR LESS FOR THE INCOME TAX YEAR IMMEDIATELY PRECEDING THE DATE OF APPLICA- TION WHEN THE REAL PROPERTY TAXES ON SUCH RESIDENTIAL REAL PROPERTY EQUALS OR EXCEEDS SIX PERCENT OF SUCH PERSONS' COMBINED ANNUAL INCOME, OR RESIDENTIAL REAL PROPERTY OWNED AND OCCUPIED AS THE PRIMARY RESI- DENCE, FOR TEN OR MORE CONSECUTIVE YEARS, OF A HUSBAND AND WIFE, ONE OF WHOM IS SIXTY-FIVE YEARS OF AGE OR OLDER AND BOTH OF WHOM HAVE A COMBINED ANNUAL INCOME OF ONE HUNDRED THOUSAND DOLLARS OR LESS FOR THE INCOME TAX YEAR IMMEDIATELY PRECEDING THE DATE OF APPLICATION WHEN THE REAL PROPERTY TAXES ON SUCH RESIDENTIAL REAL PROPERTY EQUALS OR EXCEEDS SIX PERCENT OF SUCH HUSBAND'S AND WIFE'S COMBINED ANNUAL INCOME, SHALL BE ELIGIBLE FOR THE FIXED REAL PROPERTY ASSESSED VALUE ESTABLISHED BY THIS SECTION. 2. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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