NY S05557

Increases the income limit for property tax exemption eligibility for seniors (age 65+) and persons with disabilities from $29,000 to $50,000, effective July 1, 2020.

Applies the same $50,000 income threshold increase to both the general senior/disability exemption (section 467) and the limited income exemption (section 459-c) of the real property tax law.

Maintains the existing definition of includable income (social security, retirement benefits, interest, dividends, net rental income, and salary) and allowable exclusions (gifts, inheritances, reverse mortgage proceeds, and veterans disability compensation where locally adopted).

Permits municipalities to continue setting their own income thresholds within the range of $3,000 to $50,000 through local law or ordinance, with the July 1, 2020 effective date allowing adoption of the new $50,000 ceiling.

Takes effect immediately upon enactment.