NY S05673

Authorizes cities with populations of one million or more to grant real property tax rebates of up to $500 or the annual tax liability (whichever is less) for fiscal years beginning July 1, 2016 through June 30, 2019.

Requires that any city granting rebates must uniformly reduce tax rates across all property classes to produce an amount of relief equal to the aggregate rebates paid in that fiscal year.

Establishes eligibility requirements: property must be owner-occupied primary residence (one to three family homes or residential condos/co-ops), owner cannot owe more than $25 in back property taxes, and federal adjusted gross income cannot exceed $500,000 in the preceding tax year.

Reduces or eliminates rebates if the city would otherwise need to increase average property tax rates, with 50 cent reductions per dollar of increase up to $750 million, and full elimination if increase exceeds $750 million.

Sets application deadline of March 15 of the fiscal year for which rebate is claimed, with exceptions for those already receiving certain property tax exemptions.