Provides for the imposition of a fixed real property assessed value on residential property owned by persons 65 years of age or older, when such owners have a combined annual income of $100,000 or less and the property taxes on such property equals or exceeds 6% of the owners' combined annual income; provides for state reimbursement to municipalities for tax revenue lost pursuant to such fixed real property assessed value.
S T A T E O F N E W Y O R K
________________________________________________________________________
1830
2017-2018 Regular Sessions
I N A S S E M B L Y
January 13, 2017
___________
Introduced by M. of A. McLAUGHLIN -- read once and referred to the
Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to providing for
a fixed real property assessed value for residential real property
owned by certain persons sixty-five years of age or older, and provid-
ing state reimbursement to municipalities for lost real property tax
revenue
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The real property tax law is amended by adding a new
section 431 to read as follows:
§ 431. PERSONS SIXTY-FIVE YEARS OF AGE OR OLDER; FIXED REAL PROPERTY
ASSESSED VALUE. 1. RESIDENTIAL REAL PROPERTY OWNED AND OCCUPIED AS THE
PRIMARY RESIDENCE, FOR TEN OR MORE CONSECUTIVE YEARS, OF ONE OR MORE
PERSONS, EACH OF WHOM IS SIXTY-FIVE YEARS OF AGE OR OLDER AND ALL OF
WHOM HAVE A COMBINED ANNUAL INCOME OF ONE HUNDRED THOUSAND DOLLARS OR
LESS FOR THE INCOME TAX YEAR IMMEDIATELY PRECEDING THE DATE OF APPLICA-
TION WHEN THE REAL PROPERTY TAXES ON SUCH RESIDENTIAL REAL PROPERTY
EQUALS OR EXCEEDS SIX PERCENT OF SUCH PERSONS' COMBINED ANNUAL INCOME,
OR RESIDENTIAL REAL PROPERTY OWNED AND OCCUPIED AS THE PRIMARY RESI-
DENCE, FOR TEN OR MORE CONSECUTIVE YEARS, OF A HUSBAND AND WIFE, ONE OF
WHOM IS SIXTY-FIVE YEARS OF AGE OR OLDER AND BOTH OF WHOM HAVE A
COMBINED ANNUAL INCOME OF ONE HUNDRED THOUSAND DOLLARS OR LESS FOR THE
INCOME TAX YEAR IMMEDIATELY PRECEDING THE DATE OF APPLICATION WHEN THE
REAL PROPERTY TAXES ON SUCH RESIDENTIAL REAL PROPERTY EQUALS OR EXCEEDS
SIX PERCENT OF SUCH HUSBAND'S AND WIFE'S COMBINED ANNUAL INCOME, SHALL
BE ELIGIBLE FOR THE FIXED REAL PROPERTY ASSESSED VALUE ESTABLISHED BY
THIS SECTION.
2. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE
THE FOLLOWING MEANINGS:
(A) "FIXED REAL PROPERTY ASSESSED VALUE" SHALL MEAN THE LOWER OF:
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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