NY S08388

Increases maximum allowable income for tax abatement eligibility in counties with population between one million and one million four hundred thousand to fifty thousand dollars, effective July 1, 2022.

Applies the new income threshold to both Section 467 (senior citizen homeowner exemption) and Section 459-c (disabled person exemption) of the real property tax law.

Allows municipalities to adopt local laws, ordinances, or resolutions to implement the increased income limit as an optional provision.

Effective immediately for applications made for county fiscal year commencing in 2022 and all subsequent years, with applications considered timely if filed within 120 days of local law implementation.