S T A T E O F N E W Y O R K
________________________________________________________________________
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.