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NY S03370

Bill

Official Source

Status

Introduced

2/5/2015

Primary Sponsor

Brad Hoylman-Sigal

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Origin

Senate

2015-2016 General Assembly

AI Summary

  • Amends Real Property Tax Law Section 467 to increase the maximum allowable income limit for property tax exemptions from $29,000 to $50,000 beginning July 1, 2016
  • Establishes automatic biennial adjustments to the income limit starting July 1, 2018, based on the average annual percentage changes in the Consumer Price Index for All Urban Consumers (CPI-U)
  • Adjustments to the income limit will be rounded to the nearest $1,000
  • Removes previous income tier increases that were scheduled for specific years between 2006 and 2009

Legislative Description

Allows for increases in the amount of income property owners may earn for purposes of qualification for certain tax exemptions.

Last Action

PRINT NUMBER 3370A

1/15/2016

Committee Referrals

Aging2/5/2015

Full Bill Text

No bill text available