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NY A06907

Bill

Official Source

Status

Introduced

4/13/2021

Primary Sponsor

Steven Englebright

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Amends Real Property Tax Law Section 425 to extend tax exemptions to property owned by siblings, in addition to the existing provision for husband and wife ownership
  • Exemptions for sibling-owned property, where one owner is 65 years or older, cannot be rescinded solely due to the death of the older sibling if the surviving sibling is at least 62 years old
  • Amends Real Property Tax Law Section 467 to prevent municipalities from rescinding tax exemptions on sibling-owned property based solely on the death of the older sibling, provided the surviving sibling meets the age 62 requirement
  • Takes effect immediately upon enactment

Legislative Description

Provides for a real property tax exemption on real property owned by siblings, one of whom is over 65, once granted, shall not be rescinded solely because of the death of the older sibling as long as the surviving sibling owner is at least 62.

Last Action

referred to real property taxation

1/5/2022

Committee Referrals

Real Property Taxation4/13/2021

Full Bill Text

No bill text available