NY S06523

Increases income thresholds for senior citizen and disabled property owner real property tax exemptions by raising the maximum annual income limits from $3,000 to $10,000 in the first tier, and adjusts subsequent income brackets accordingly (e.g., from $5,700 to $10,000 and from $6,600 to $25,000)

Removes the restriction that previously limited the $50,000 income threshold to cities with a population of one million or more, making this threshold available statewide beginning July 1, 2017

Modifies the percentage of assessed valuation exempted from taxation based on income levels, with higher income applicants receiving lower exemption percentages (ranging from 5% to 45%)

Requires the state to reimburse municipalities for the difference in real property tax revenue abated under the new income thresholds compared to the previous thresholds for fiscal years occurring after April 1, 2021

Takes effect immediately and applies to any local law, resolution, or ordinance amended or adopted on or after the effective date