A 3054: Increases the income thresholds for eligibility for the senior citizen and disabled person property tax exemptions; applies to any local law, resolution or ordinance amended or adopted on and after the effective date of this act.

  
  STATE OF NEW YORK ________________________________________________________________________ 3054 2025-2026 Regular Sessions  IN ASSEMBLY January 23, 2025 ___________ Introduced by M. of A. LUNSFORD -- read once and referred to the Commit- tee on Aging AN ACT to amend the real property tax law, in relation to the senior citizen and disabled property owner exemption 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, as amended by section 1 of part B of chapter 686 of 3 the laws of 2022, is amended to read as follows: 4 (b) (1) Any local law, ordinance or resolution adopted pursuant to 5 paragraph (a) of this subdivision may be amended, or a local law, ordi- 6 nance or resolution may be adopted, to provide an exemption so as to 7 increase the maximum income eligibility level of such municipal corpo- 8 ration as provided in subdivision three of this section (represented in 9 the hereinbelow schedule as M), to the extent provided in the following 10 schedule: 11 ANNUAL INCOME PERCENTAGE ASSESSED VALUATION 12 EXEMPT FROM TAXATION OR PILOT 13 More than (M) but 14 [less than (M+ $1,000) 45 per centum 15 (M+ $1,000 or more) but 16 less than (M+ $2,000) 40 per centum 17 (M+ $2,000 or more) but] 18 less than (M+ [$3,000] 35 per centum 19 $10,000) 20 [(M+ $3,000 or more) but 21 less than (M+ $3,900) 30 per centum 22 (M+ $3,900 or more) but EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04443-01-5 
 A. 3054 2 1 less than (M+ $4,800) 25 per centum 2 (M+ $4,800 or more) but 3 less than (M+ $5,700) 20 per centum] 4 (2) Any local law, ordinance or resolution adopted pursuant to subpar- 5 agraph one of this paragraph may be amended, or a local law, ordinance 6 or resolution may be adopted, to provide an exemption so as to increase 7 the maximum income eligibility level of such municipal corporation as 8 provided in subdivision three of this section (represented in the here- 9 inbelow schedule as M), and as increased as provided for in such subpar- 10 agraph one to the extent provided in the following schedule: 11 ANNUAL INCOME PERCENTAGE ASSESSED VALUATION 12 EXEMPT FROM TAXATION OR PILOT 13 (M+ [$5,700] $10,000 or more) but 14 less than (M+ [$6,600] 15 per centum 15 $25,000) 16 [(M+ $6,600 or more) but 17 less than (M+ $7,500) 10 per centum] 18 (3) Any local law, ordinance or resolution adopted pursuant to subpar- 19 agraphs one and two of this paragraph may be amended, or a local law, 20 ordinance or resolution may be adopted, to provide an exemption so as to 21 increase the maximum income eligibility level of such municipal corpo- 22 ration as provided in subdivision three of this section (represented in 23 the hereinbelow schedule as M), and as increased as provided for in such 24 subparagraph one to the extent provided in the following schedule: 25 ANNUAL INCOME PERCENTAGE ASSESSED VALUATION 26 EXEMPT FROM TAXATION OR PILOT 27 (M+ [$7,500] $25,000 or more) 28 but less than (M+ [$8,400] 5 per centum 29 $35,000) 30 § 2. Paragraph (b) of subdivision 1 of section 459-c of the real prop- 31 erty tax law, as amended by section 2 of part B of chapter 686 of the 32 laws of 2022, is amended to read as follows: 33 (b) Any local law or resolution adopted pursuant to paragraph (a) of 34 this subdivision may be amended, or a local law or resolution may be 35 adopted, to provide an exemption so as to increase the maximum income 36 eligibility level of such municipal corporation as provided in subdivi- 37 sion five of this section (represented in the hereinbelow schedule as 38 M), to the extent provided in the following schedule: 39 ANNUAL INCOME PERCENTAGE ASSESSED VALUATION 40 EXEMPT FROM TAXATION OR PILOT 41 More than (M) but 42 [less than (M+ $1,000) 45 per centum 43 (M+ $1,000 or more) but 44 less than (M+ $2,000) 40 per centum 45 (M+ $2,000 or more) but] 46 less than (M+ [$3,000] $10,000) 35 per centum 47 [(M+ $3,000 or more) but 48 less than (M+ $3,900) 30 per centum 49 (M+ $3,900 or more) but 
 A. 3054 3 1 less than (M+ $4,800) 25 per centum 2 (M+ $4,800 or more) but 3 less than (M+ $5,700) 20 per centum] 4 (M+ [$5,700] $10,000 or more) but 5 less than (M+ [$6,600] $25,000) 15 per centum 6 [(M+ $6,600 or more) but 7 less than (M+ $7,500) 10 per centum] 8 (M + [$7,500] $25,000 or more) but 9 less than (M+ [$8,400] $35,000) 5 per centum 10 § 3. The state shall, within an appropriation made available therefor, 11 reimburse municipal corporations for the difference between the amount 12 of real property tax revenue abated for the fiscal year of such munici- 13 pality that occurs after April 1, 2024 pursuant to the income thresholds 14 established pursuant to the provisions of this act, and the amount of 15 real property tax revenue that would have been abated for such period 16 pursuant to the income thresholds that were in effect immediately prior 17 to the effective date of this act. 18 § 4. This act shall take effect immediately and shall apply to any 19 local law, resolution or ordinance amended or adopted on and after the 20 effective date of this act.