NY S01074

Amends Real Property Tax Law Section 467 to allow municipalities to increase maximum income eligibility levels for senior property tax exemptions through local law, ordinance, or resolution prior to July 1, 2018.

Establishes a tiered exemption schedule based on annual income levels above the current maximum (M), ranging from 45% exemption for incomes between M and M+$1,000 down to lower percentages for higher income brackets.

Applies a sunset provision limiting the authorization for increased eligibility levels to expire on July 1, 2018, after which municipalities cannot adopt new exemptions at the increased levels.