NY S00237

Amends real property tax law to increase maximum income eligibility levels for senior property tax exemptions through a phased approach from 2019 to 2022.

Prior to July 1, 2019, allows municipalities to increase exemption income thresholds with graduated tax relief ranging from 45% to 20% of assessed valuation based on income brackets above the base maximum (M).

Creates escalating income thresholds effective July 1, 2019 through July 1, 2022, with each phase increasing the maximum eligible income by $250 to $2,000 annually and extending exemption percentages down to 5% of assessed valuation for highest income brackets.

After July 1, 2022, sets permanent increased maximum income eligibility levels with exemption relief ranging from 45% down to 5% of assessed valuation across expanded income brackets.

Takes effect immediately upon enactment.