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NY S03817
Bill
Status
1/27/2017
Primary Sponsor
Kenneth LaValle
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AI Summary
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Raises income eligibility threshold to $50,000 beginning July 1, 2017 for senior citizens (65+) seeking real property school tax exemptions in high-appreciation municipalities, counties, cities, towns, villages, or school districts.
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Defines "high-appreciation municipality" as: (i) a city that is a special assessing unit, (ii) a county where the commissioner has established a sales price differential factor for STAR exemptions in three consecutive years, or (iii) a city, town, village, or school district wholly or partly located within such a county.
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Maintains existing income inclusions and exclusions, including social security, retirement benefits, rental income, and self-employment income, while continuing to exclude reverse mortgage proceeds and veterans disability compensation.
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Takes effect immediately upon enactment.
Legislative Description
Relates to income requirements for the real property school tax exemption granted to certain persons sixty-five years of age or over in high-appreciation municipalities; defines "high-appreciation municipality".
Last Action
PRINT NUMBER 3817A
1/31/2018