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Senate Bill S121

2025-2026 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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Current Bill Status - In Senate Committee Rules Committee

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2025-S121 (ACTIVE) - Details

See Assembly Version of this Bill:
A4539
Current Committee:
Senate Rules
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467, RPT L
Versions Introduced in 2023-2024 Legislative Session:
S8954, A7887

2025-S121 (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.

2025-S121 (ACTIVE) - Sponsor Memo

2025-S121 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    121
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by  Sens. CLEARE, ROLISON -- 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.
                                                            LBD00271-01-5

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