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NY S08893
Bill
Status
6/7/2024
Primary Sponsor
Leroy Comrie
Click for details
AI Summary
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Amends Real Property Tax Law Section 467 to allow municipalities to create additional real property tax exemption categories for senior citizens earning below the maximum income eligibility level.
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Establishes a tiered exemption schedule based on annual household income, ranging from 50% exemption for those just below the maximum income to 65% exemption for those with the lowest incomes.
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Provides four income brackets with corresponding exemption percentages: 50% (M to M-$1,000), 55% (M-$1,000 to M-$2,000), 60% (M-$2,000 to M-$3,000), and 65% (below M-$3,000).
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Takes effect immediately and applies to taxable years beginning January 1, 2024.
Legislative Description
Authorizes localities to provide for an additional real property tax exemption for senior citizens who meet the income eligibility limits and other criteria to the extent of sixty-five percent of the assessed valuation of such real property.
Last Action
referred to ways and means
6/7/2024