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Assembly Bill A7887A

2023-2024 Legislative Session

Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age

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Archive: Last Bill Status - In Assembly Committee

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Bill Amendments

2023-A7887 - Details

See Senate Version of this Bill:
S8954
Current Committee:
Assembly Aging
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467, RPT L
Versions Introduced in 2025-2026 Legislative Session:
A4539, S121

2023-A7887 - Summary

Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age; increases such amount to $75,000.

2023-A7887 - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7887
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               July 19, 2023
                                ___________
 
 Introduced  by  M.  of  A.  CUNNINGHAM  -- read once and referred to the
   Committee on Aging
 
 AN ACT to amend the real property tax law, in relation to increasing the
   amount of income property owners may earn for the purpose of eligibil-
   ity for the property tax exemption for persons sixty-five years of age
   or over

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subparagraph  (i)  of  paragraph  (a) of subdivision 3 of
 section 467 of the real property tax law, as amended  by  section  2  of
 part K of chapter 59 of the laws of 2023, is amended to read as follows:
   (i) if the income of the owner or the combined income of the owners of
 the property for the applicable income tax year exceeds the sum of three
 thousand dollars, or such other sum not less than three thousand dollars
 nor  more  than [fifty] ONE HUNDRED thousand dollars, as may be provided
 by the local law, ordinance  or  resolution  adopted  pursuant  to  this
 section.
   § 2. This act shall take effect immediately.
 
 
 
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11870-01-3

co-Sponsors

2023-A7887A (ACTIVE) - Details

See Senate Version of this Bill:
S8954
Current Committee:
Assembly Aging
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467, RPT L
Versions Introduced in 2025-2026 Legislative Session:
A4539, S121

2023-A7887A (ACTIVE) - Summary

Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age; increases such amount to $75,000.

2023-A7887A (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7887--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               July 19, 2023
                                ___________
 
 Introduced  by  M.  of  A.  CUNNINGHAM  -- read once and referred to the
   Committee on Aging --  committee  discharged,  bill  amended,  ordered
   reprinted as amended and recommitted to said committee
 
 AN ACT to amend the real property tax law, in relation to increasing the
   amount of income property owners may earn for the purpose of eligibil-
   ity for the property tax exemption for persons sixty-five years of age
   or over
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Subparagraph (i) of  paragraph  (a)  of  subdivision  3  of
 section  467  of  the  real property tax law, as amended by section 2 of
 part K of chapter 59 of the laws of 2023, is amended to read as follows:
   (i) if the income of the owner or the combined income of the owners of
 the property for the applicable income tax year exceeds the sum of three
 thousand dollars, or such other sum not less than three thousand dollars
 nor more than [fifty] SEVENTY-FIVE thousand dollars, as may be  provided
 by  the  local  law,  ordinance  or  resolution adopted pursuant to this
 section.
   § 2. This act shall take effect immediately.

 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11870-02-3

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