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NY S05832
Bill
Status
3/3/2025
Primary Sponsor
James Skoufis
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AI Summary
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Expands income thresholds for senior citizen and disabled property owner tax exemptions by widening the income brackets that qualify for partial exemptions above the base maximum income level (M)
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Simplifies the graduated exemption schedule from seven tiers to three tiers: 35% exemption for incomes up to M+$10,000 (previously M+$3,000), 15% exemption for incomes M+$10,000 to M+$25,000, and 5% exemption for incomes M+$25,000 to M+$35,000
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Requires the state to reimburse municipal corporations for the difference in property tax revenue lost due to the expanded income thresholds compared to what would have been abated under prior thresholds
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Applies to local laws, resolutions, or ordinances amended or adopted after the effective date, with reimbursement calculations based on fiscal years occurring after April 1, 2024
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Takes effect immediately upon enactment
Legislative Description
Increases the income thresholds for eligibility for the senior citizen and disabled person property tax exemptions; applies to any local law, resolution or ordinance amended or adopted on and after the effective date of this act.
Last Action
REFERRED TO AGING
1/7/2026