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NY S03609
Bill
Status
2/11/2019
Primary Sponsor
Kenneth LaValle
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AI Summary
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Increases the income threshold for the senior citizen real property school tax exemption to $50,000 beginning July 1, 2019 in "high-appreciation municipalities"
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Defines "high-appreciation municipality" as: (i) a city that is a special assessing unit, (ii) a county for which the commissioner has established a sales price differential factor for STAR exemption purposes in three consecutive years, and (iii) a city, town, village or school district wholly or partly located within such a county
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Applies the $50,000 income limit only to high-appreciation municipalities, while maintaining existing lower income thresholds for other areas
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Maintains existing income definitions and exclusions, including social security benefits, medical expenses, reverse mortgage proceeds, and veterans disability compensation
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
REFERRED TO AGING
1/8/2020