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NY S05311
Bill
Status
3/2/2021
Primary Sponsor
Anthony Palumbo
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AI Summary
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Increases income threshold for senior property tax exemptions in high-appreciation municipalities from unspecified amounts to $50,000 beginning July 1, 2021.
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Defines "high-appreciation municipality" as a city special assessing unit, a county with an established STAR sales price differential factor for three consecutive years, or a city, town, village or school district wholly or partly located within such a county.
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Maintains existing income threshold of $50,000 for cities with a population of one million or more (effective July 1, 2017).
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Preserves existing income exclusions including social security, retirement benefits, reverse mortgage proceeds, and veterans disability compensation.
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Takes effect immediately upon enactment.
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
1/5/2022