A 4539: Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age; increases such amount to $75,000.

  
  STATE OF NEW YORK ________________________________________________________________________ 4539 2025-2026 Regular Sessions  IN ASSEMBLY February 4, 2025 ___________ Introduced by M. of A. CUNNINGHAM, ALVAREZ, REYES, STERN, EACHUS, BENDETT, CHANG -- read once and referred to the Committee on Aging AN ACT to amend the real property tax law, in relation to increasing the amount of income property owners may earn for the purpose of eligibil- ity for the property tax exemption for persons sixty-five years of age or over The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (i) of paragraph (a) of subdivision 3 of 2 section 467 of the real property tax law, as amended by section 2 of 3 part K of chapter 59 of the laws of 2023, is amended to read as follows: 4 (i) if the income of the owner or the combined income of the owners of 5 the property for the applicable income tax year exceeds the sum of three 6 thousand dollars, or such other sum not less than three thousand dollars 7 nor more than [fifty] seventy-five thousand dollars, as may be provided 8 by the local law, ordinance or resolution adopted pursuant to this 9 section. 10 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00271-01-5