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NY S01451

Bill

Official Source

Status

Introduced

1/15/2019

Primary Sponsor

Brad Hoylman-Sigal

Click for details

Origin

Senate

2019-2020 General Assembly

AI Summary

  • Increases the maximum allowable income limit for real property tax exemptions from $26,000-$29,000 to $50,000 beginning July 1, 2019
  • Establishes automatic biennial adjustments to the income limit beginning July 1, 2021, based on the average annual percentage change in the Consumer Price Index for All Urban Consumers (CPI-U)
  • Maintains the $50,000 income limit for cities with populations of one million or more beginning July 1, 2017
  • Adjustment amounts are rounded to the nearest one thousand dollars for each two-year adjustment period
  • Act takes effect immediately upon enactment

Legislative Description

Allows for increases in the amount of income property owners may earn for purposes of qualification for certain tax exemptions.

Last Action

RECOMMIT, ENACTING CLAUSE STRICKEN

1/21/2020

Committee Referrals

Aging1/15/2019

Full Bill Text

No bill text available