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NY S08280
Bill
Status
5/29/2025
Primary Sponsor
Luis Sepulveda
Click for details
AI Summary
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Authorizes New York City to provide a property tax rebate of up to $175 (increased from $150) for the fiscal year July 1, 2024 through June 30, 2025
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Increases the income eligibility threshold from $250,000 to $500,000 for all owners using the property as their primary residence (based on tax year 2023 income)
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Raises the "substantially higher" income threshold for penalty purposes from $275,000 to $525,000
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Requires property owners to have established primary residence by June 15, 2025, with 90 days of prior residency at that address
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Owners receiving STAR exemption or credit automatically qualify without filing an application; others must apply electronically by deadline set in local law
Legislative Description
Relates to a rebate against real property taxes for certain owners of real property in the city of New York for the fiscal year commencing July 1, 2024.
Last Action
REFERRED TO CITIES 1
1/7/2026