S T A T E   O F   N E W   Y O R K
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                                   3989
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 31, 2019
                                ___________
 
 Introduced  by M. of A. WEPRIN -- Multi-Sponsored by -- M. of A. COLTON,
   MONTESANO, PERRY -- 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.
                                                            LBD07510-01-9
              

 A. 3989                             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, 2020.