|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Mar 15, 2019||referred to aging|
senate Bill S4579
Current Bill Status - In Senate Committee Aging Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S4579 (ACTIVE) - Details
S4579 (ACTIVE) - Sponsor Memo
BILL NUMBER: S4579 SPONSOR: RANZENHOFER TITLE OF BILL: An act to amend the real property tax law, in relation to a real property tax cap for persons over seventy years of age SUMMARY OF PROVISIONS: Section 1 adds a new section 467-k to the Real Property Tax Law. This section creates a tax cap for property owned by persons over the age of seventy who meet certain criteria, at the option of any municipal corpo- ration, including school districts, who adopt this cap, after public hearing, by local law, ordinance or resolution. In order to be eligible for such tax cap, certain criteria must be met, including that the combined incomes of the owners, defined as the aggregate gross income as would be filed on a federal income tax return, must not exceed $70,000; property must have been owned, as defined in the bill, for at least 36 months; must be the residence, as defined in the bill, of the applicant. Homeowners must reapply for the cap each year. The bill sets out addi- tional requirements for municipalities including notice requirements, annual reminder notices and third party notification.
S4579 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4579 2019-2020 Regular Sessions I N S E N A T E March 15, 2019 ___________ Introduced by Sen. RANZENHOFER -- read twice and ordered printed, and when printed to be committed to the Committee on Aging AN ACT to amend the real property tax law, in relation to a real proper- ty tax cap for persons over seventy years of age 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 467-l to read as follows: § 467-L. REAL PROPERTY TAX CAP FOR CERTAIN PERSONS OVER SEVENTY YEARS OF AGE. 1. REAL PROPERTY OWNED BY ONE OR MORE PERSONS, EACH OF WHOM IS SEVENTY YEARS OF AGE OR OVER, OR REAL PROPERTY OWNED BY HUSBAND AND WIFE, ONE OF WHOM IS SEVENTY YEARS OF AGE OR OVER, MAY BE SUBJECT TO A REAL PROPERTY TAX CAP PROVIDED THE GOVERNING BOARD OF ANY MUNICIPAL CORPORATION IN WHICH THE REAL PROPERTY IS LOCATED, AFTER PUBLIC HEARING, ADOPTS A LOCAL LAW, ORDINANCE OR RESOLUTION PROVIDING THAT REAL PROPERTY TAXES FOR SUCH PROPERTY BE CAPPED AT THE AMOUNTS PAYABLE AT THE TIME SUCH APPLICATION IS MADE. 2. PROPERTY SHALL BE ELIGIBLE FOR A TAX CAP IF: (A) 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 THE CAP DOES NOT EXCEED THE SUM OF SEVENTY THOU- SAND DOLLARS. INCOME SHALL MEAN THE AGGREGATE ADJUSTED GROSS INCOME OF ALL OWNERS FOR THE TAXABLE YEAR AS FILED, OR AS WOULD HAVE BEEN FILED, ON THEIR FEDERAL PERSONAL INCOME TAX RETURN. (B) THE TITLE OF THE PROPERTY SHALL HAVE BEEN VESTED IN THE OWNER OR ONE OF THE OWNERS OF THE PROPERTY FOR AT LEAST THIRTY-SIX CONSECUTIVE MONTHS PRIOR TO THE DATE OF MAKING APPLICATION FOR A CAP, PROVIDED, HOWEVER, THAT IF AS THE RESULT OF THE DEATH OF EITHER A HUSBAND OR WIFE IN WHOSE NAME TITLE OF THE PROPERTY WAS VESTED AT THE TIME OF DEATH THE PROPERTY BECOMES VESTED SOLELY IN THE SURVIVOR BY VIRTUE OF DEVISE BY OR DESCENT FROM THE DECEASED HUSBAND OR WIFE, THE TIME OF OWNERSHIP OF THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
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