NY S06533

Increases the maximum income eligibility threshold for property tax abatements from $50,000 to $55,000 for senior citizens (age 62+) and persons with disabilities living in rent-controlled or rent-regulated housing, effective July 1, 2025

Raises the maximum income limit from $50,000 to $55,000 for property tax exemptions available to senior citizen and disabled property owners under local law provisions

Allows local governments to set income thresholds between $3,000 and the new $55,000 maximum when adopting their own senior/disability tax exemption programs

Takes effect immediately upon enactment, with provisions for rent-regulated properties set to expire according to existing statutory sunset dates