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NY A03698
Bill
Status
12/5/2025
Primary Sponsor
David Weprin
Click for details
AI Summary
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Authorizes local governments to adopt additional property tax exemption tiers for senior citizens beyond the current maximum exemption percentage
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Creates four new income-based exemption categories for households earning below the municipality's maximum income eligibility level (M):
- Income between M and M-$1,000: 50% exemption
- Income between M-$1,000 and M-$2,000: 55% exemption
- Income between M-$2,000 and M-$3,000: 60% exemption
- Income below M-$3,000: 65% exemption
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Allows municipalities to amend existing local laws, ordinances, or resolutions to implement these additional exemption tiers
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Takes effect immediately and applies to taxable years beginning on or after January 1, 2026
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
signed chap.581
12/5/2025