A 3698: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 3698 2025-2026 Regular Sessions  IN ASSEMBLY January 30, 2025 ___________ Introduced by M. of A. WEPRIN, WILLIAMS, ALVAREZ, PHEFFER AMATO -- Multi-Sponsored by -- M. of A. COLTON -- read once and referred to the Committee on Real Property Taxation 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% 18 Less than (M- $2,000) but 60% 19 more than (M- $3,000); and EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06109-01-5 
 A. 3698 2 1 Less than (M- $3,000) 65% 2 § 2. This act shall take effect immediately and shall apply to taxable 3 years beginning on and after January 1, 2025.