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NY S00772
Bill
Status
6/20/2017
Primary Sponsor
Andrea Stewart-Cousins
Click for details
AI Summary
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Increases the income limit for property tax exemptions for seniors (age 65+) and persons with disabilities from twenty-nine thousand dollars to fifty thousand dollars, effective July 1, 2017
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Applies the fifty thousand dollar income threshold to cities with a population of one million or more beginning July 1, 2017
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Allows municipalities to adopt local laws, ordinances, or resolutions to set income limits between three thousand dollars and fifty thousand dollars
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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)
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Takes effect immediately upon enactment
Legislative Description
Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons sixty-five years of age or over and for persons with disabilities and limited income.
Last Action
PRINT NUMBER 772A
4/16/2018