NY S06836

Increases the allowable maximum income threshold for tax abatement eligibility to $50,000 beginning July 1, 2017, removing the previous restriction that limited this threshold to cities with populations of one million or more

Applies the changes to two sections of real property tax law: Section 467 (subdivision 3, paragraph a) and Section 459-c (subdivision 5, paragraph a)

Maintains existing income definitions and exclusions, including social security benefits, retirement benefits, and excludes items such as gifts, inheritances, reverse mortgage proceeds, and veterans disability compensation

Takes effect immediately and applies to all exemption applications for fiscal years commencing in 2018 and thereafter, with a 120-day filing grace period for applications under the new local law