S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5099
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 6, 2017
                                ___________
 
 Introduced  by M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. COLTON,
   MONTESANO, PERRY, TITONE -- 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 BY A CITY WITH
 A  POPULATION OF ONE MILLION OR MORE PURSUANT TO PARAGRAPH (A) OF SUBDI-
 VISION 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 TWEN-
 TY-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 BY A CITY WITH A
 POPULATION OF ONE MILLION OR MORE PURSUANT  TO  PARAGRAPH  (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:
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD09146-01-7
              

 A. 5099                             2
 
 ANNUAL INCOME          PERCENTAGE OF ASSESSED VALUATION
                              EXEMPT FROM TAXATION
 MORE THAN (M) BUT
 LESS THAN (M+ $1,000)                  55%
 
 MORE THAN (M) BUT
 LESS THAN (M+ $2,000)                 50%
   § 2. This act shall take effect immediately and shall apply to taxable
 years beginning on and after January 1, 2018.