Senate Bill S8954

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

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Aging Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-S8954 (ACTIVE) - Details

See Assembly Version of this Bill:
A7887
Current Committee:
Senate Aging
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467, RPT L

2023-S8954 (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-S8954 (ACTIVE) - Sponsor Memo

2023-S8954 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8954
 
                             I N  S E N A T E
 
                               April 2, 2024
                                ___________
 
 Introduced  by  Sen.  CLEARE -- 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 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.
                                                            LBD11870-03-4

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