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NY S08903
Bill
Status
7/25/2024
Primary Sponsor
Monica Martinez
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AI Summary
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Expands eligibility for real property tax exemptions under section 459-c of the real property tax law to include persons with disabilities whose primary residence is in a special needs trust.
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Adds property owners with tenants with disabilities to the exemption if the tenant's lease provides them with a life interest in the property as long as they remain in residence.
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Maintains the existing 50% assessed valuation exemption from taxes and payments in lieu of taxes (PILOT) for qualifying properties.
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Allows county, city, town, or village governing boards to adopt local laws, and school districts to adopt resolutions, to grant these exemptions after public hearings.
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Takes effect immediately upon enactment.
Legislative Description
Adds a person with a disability who has their primary residence in a special needs trust, or a property owner who has a tenant with a disability whose lease provides them with a life interest in the property as long as the tenant remains in residence as eligible for a real property tax exemption pursuant to section 459-c of the real property tax law.
Last Action
SIGNED CHAP.209
7/25/2024