NY S00572

Increases the maximum allowable income limit for real property tax exemptions from $29,000 to $50,000, effective July 1, 2017.

Establishes automatic biennial adjustments to the income limit beginning July 1, 2019, based on the average annual percentage change in the Consumer Price Index for All Urban Consumers (CPI-U), rounded to the nearest $1,000.

Maintains existing definitions of includable income (social security, retirement benefits, interest, dividends, rental income, wages) and excludable income (gifts, inheritances, reverse mortgage proceeds, veterans disability compensation).

Allows municipalities to adopt local law, ordinance, or resolution to offset includable income with unreimbursed medical and prescription drug expenses.