S T A T E   O F   N E W   Y O R K
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                                  7934

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             April 28, 2009
                               ___________

Introduced by M. of A. CARROZZA -- Multi-Sponsored by -- M. of A. DESTI-
  TO,  PHEFFER,  SWEENEY  --  read once and referred to the Committee on
  Real Property Taxation

AN ACT to amend the real property tax law, in relation to  providing  an
  additional real property tax exemption for certain senior citizens

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 467 of the real property  tax  law  is  amended  by
adding a new subdivision 1-a to read as follows:
  1-A.  (A)  ANY  LOCAL LAW, ORDINANCE OR RESOLUTION ADOPTED PURSUANT TO
PARAGRAPH (A) OF SUBDIVISION ONE OF THIS SECTION MAY BE  AMENDED,  OR  A
LOCAL  LAW,  ORDINANCE  OR  RESOLUTION  MAY  BE  ADOPTED,  TO PROVIDE AN
EXEMPTION TO THE EXTENT OF SIXTY PERCENT OF THE  ASSESSED  VALUATION  OF
REAL  PROPERTY  IF THE INCOME OF THE OWNER OR THE COMBINED INCOME OF THE
OWNERS OF THE PROPERTY FOR THE INCOME TAX YEAR IMMEDIATELY PRECEDING THE
DATE OF MAKING APPLICATION FOR AN EXEMPTION EXCEEDS  THE  SUM  OF  THREE
THOUSAND DOLLARS, OR SUCH OTHER SUM NOT LESS THAN THREE THOUSAND DOLLARS
BUT  NOT  MORE  THAN  TWENTY-TWO  THOUSAND DOLLARS, WHILE SATISFYING ALL
OTHER ELIGIBILITY CRITERIA ESTABLISHED  PURSUANT  TO  THIS  SECTION.  NO
OWNER  OR  OWNERS  OF  PROPERTY ELIGIBLE FOR A REDUCTION IN THE ASSESSED
VALUATION PURSUANT TO THIS SUBDIVISION SHALL BE ELIGIBLE FOR  A  FURTHER
EXEMPTION PURSUANT TO THIS SECTION.
  (B)  ANY  LOCAL LAW, ORDINANCE OR RESOLUTION ADOPTED PURSUANT TO PARA-
GRAPH (A) OF THIS SUBDIVISION MAY BE AMENDED, OR A LOCAL LAW,  ORDINANCE
OR  RESOLUTION MAY BE ADOPTED, TO PROVIDE AN EXEMPTION SO AS TO INCREASE
THE MAXIMUM INCOME ELIGIBILITY LEVEL OF SUCH  MUNICIPAL  CORPORATION  AS
PROVIDED IN THIS SUBDIVISION (REPRESENTED IN THE HEREINBELOW SCHEDULE AS
M) TO THE EXTENT PROVIDED IN THE FOLLOWING SCHEDULE:

ANNUAL INCOME          PERCENTAGE OF ASSESSED VALUATION
                             EXEMPT FROM TAXATION

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10257-01-9
              

A. 7934                             2

MORE THAN (M) BUT
LESS THAN (M+ $1,000)                  55%

MORE THAN (M) BUT
LESS THAN (M+ $2,000)                 50%
  S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2011.