NY S00539

Increases the allowable maximum income threshold for property tax exemptions to $50,000 beginning July 1, 2023, for counties with a population between one million and one million four hundred thousand (as of the last decennial census).

Amends Real Property Tax Law sections 467 and 459-c to add the new income threshold alongside existing thresholds for cities with populations of one million or more.

Defines income to include social security, retirement benefits, interest, dividends, capital gains, rental income, and self-employment income, with certain exclusions for medical expenses, reverse mortgage proceeds, and veterans disability compensation.

Takes effect immediately and applies to exemption applications for county fiscal years commencing in 2023 and thereafter, with applications received in fiscal year 2023 considered timely if filed within 120 days of the local law implementation.