Senate Bill S8893

2023-2024 Legislative Session

Relates to exemptions from real property taxes for senior citizens

download bill text pdf

Sponsored By

Current Bill Status - In Assembly 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

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2023-S8893 (ACTIVE) - Details

See Assembly Version of this Bill:
A6362
Current Committee:
Assembly Ways And Means
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467, RPT L

2023-S8893 (ACTIVE) - Summary

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.

2023-S8893 (ACTIVE) - Sponsor Memo

2023-S8893 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8893
 
                             I N  S E N A T E
 
                              March 25, 2024
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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  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:

   Section 1. Paragraph (b) of subdivision 1 of section 467 of  the  real
 property  tax  law  is amended by adding a new subparagraph 4 to read as
 follows:
   (4) NOTWITHSTANDING THE MAXIMUM EXEMPTION PERCENTAGE PERMITTED  PURSU-
 ANT  TO  PARAGRAPH  (A) OF THIS SUBDIVISION, ANY LOCAL LAW, ORDINANCE OR
 RESOLUTION ADOPTED PURSUANT TO THIS SECTION MAY BE AMENDED, OR  A  LOCAL
 LAW, ORDINANCE OR RESOLUTION MAY BE ADOPTED, TO CREATE ADDITIONAL ANNUAL
 INCOME CATEGORIES AND CORRESPONDING EXEMPTION PERCENTAGES FOR HOUSEHOLDS
 MAKING  LESS THAN THE MAXIMUM INCOME ELIGIBILITY LEVEL OF SUCH MUNICIPAL
 CORPORATION AS PROVIDED IN THIS SUBDIVISION (REPRESENTED IN THE  HEREIN-
 BELOW SCHEDULE AS M) PURSUANT TO THE FOLLOWING SCHEDULE:

 ANNUAL INCOME          PERCENTAGE OF ASSESSED VALUATION
                              EXEMPT FROM TAXATION
 LESS THAN (M) BUT
 MORE THAN (M- $1,000)                  50%
 
 LESS THAN (M- $1,000) BUT
 MORE THAN (M- $2,000)                  55%
 
 LESS THAN (M- $2,000) BUT              60%
 MORE THAN (M- $3,000); AND

 LESS THAN (M- $3,000)                  65%
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2024.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10369-03-4

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