NY S06270

Amends Real Property Tax Law Section 467 to exclude interest earned on individual retirement accounts (IRAs) as defined in Title 26 of the United States Code from taxable income calculations for senior property tax exemption eligibility.

Maintains existing income thresholds for exemption eligibility, which range from $3,000 to $29,000 depending on local municipality provisions and effective dates.

Preserves other income exclusions already in law, including social security benefits, gifts, inheritances, Nazi persecution payments, foster grandparent program earnings, and reverse mortgage proceeds.

Takes effect immediately upon enactment.