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NY S00121

Bill

Official Source

Status

Introduced

1/8/2025

Primary Sponsor

Cordell Cleare

Click for details

Origin

Senate

2025-2026 General Assembly

AI Summary

  • Raises the maximum income threshold for senior property tax exemptions from $50,000 to $75,000 for property owners aged 65 and over

  • Allows local governments to set their own income limits between $3,000 and the new $75,000 maximum through local law, ordinance, or resolution

  • Amends Section 467 of the Real Property Tax Law

  • Takes effect immediately upon passage

Legislative Description

Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age; increases such amount to $75,000.

Last Action

REFERRED TO AGING

1/7/2026

Committee Referrals

Aging1/7/2026
Rules6/13/2025
Aging1/8/2025

Full Bill Text

No bill text available