Senate Bill S9256

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9256
 
                             I N  S E N A T E
 
                             February 18, 2026
                                ___________
 
 Introduced  by Sen. SCARCELLA-SPANTON -- read twice and ordered printed,
   and when  printed  to  be  committed  to  the  Committee  on  Housing,
   Construction and Community Development
 
 AN  ACT  to  amend  the  administrative code of the city of New York, in
   relation to the senior citizen homeowners' exemption
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Subdivision  7  of section 11-245.3 of the administrative
 code of the city of New York, as amended by local law number 140 of  the
 city of New York for the year 2017, is amended to read as follows:
   7.  Notwithstanding  the  maximum  income  exemption eligibility level
 provided in subdivision three of this section, an exemption, subject  to
 all  other  provisions of this section, shall be granted as indicated in
 the following schedule:
 
           Annual Income                   Percentage Assessed Valuation
        as of July 1, 2006                     Exempt From Taxation
 
 More than $26,000 but less than $27,000             45 per centum
 $27,000 or more but less than $28,000               40 per centum
 $28,000 or more but less than $29,000               35 per centum
 $29,000 or more but less than $29,900               30 per centum
 $29,900 or more but less than $30,800               25 per centum
 $30,800 or more but less than $31,700               20 per centum
 $31,700 or more but less than $32,600               15 per centum
 $32,600 or more but less than $33,500               10 per centum
 $33,500 or more but less than $34,400                5 per centum
 
                                           Percentage Assessed Valuation
 Annual Income as of July 1, 2007              Exempt From Taxation
 
 More than $27,000 but less than $28,000             45 per centum
 $28,000 or more but less than $29,000               40 per centum
 $29,000 or more but less than $30,000               35 per centum
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD13436-02-6
 S. 9256                             2
 
 $30,000 or more but less than $30,900               30 per centum
 $30,900 or more but less than $31,800               25 per centum
 $31,800 or more but less than $32,700               20 per centum
 $32,700 or more but less than $33,600               15 per centum
 $33,600 or more but less than $34,500               10 per centum
 $34,500 or more but less than $35,400                5 per centum
 
                                           Percentage Assessed Valuation
 Annual Income as of July 1, 2008              Exempt From Taxation
 
 More than $28,000 but less than $29,000             45 per centum
 $29,000 or more but less than $30,000               40 per centum
 $30,000 or more but less than $31,000               35 per centum
 $31,000 or more but less than $31,900               30 per centum
 $31,900 or more but less than $32,800               25 per centum
 $32,800 or more but less than $33,700               20 per centum
 $33,700 or more but less than $34,600               15 per centum
 $34,600 or more but less than $35,500               10 per centum
 $35,500 or more but less than $36,400                5 per centum
 
                                           Percentage Assessed Valuation
 Annual Income as of July 1, 2009              Exempt From Taxation
 
 More than $29,000 but less than $30,000             45 per centum
 $30,000 or more but less than $31,000               40 per centum
 $31,000 or more but less than $32,000               35 per centum
 $32,000 or more but less than $32,900               30 per centum
 $32,900 or more but less than $33,800               25 per centum
 $33,800 or more but less than $34,700               20 per centum
 $34,700 or more but less than $35,600               15 per centum
 $35,600 or more but less than $36,500               10 per centum
 $36,500 or more but less than $37,400                5 per centum
 
                                           Percentage Assessed Valuation
 Annual Income as of July 1, 2017              Exempt From Taxation
 
 More than $50,000 but less than $51,000             45 per centum
 $51,000 or more but less than $52,000               40 per centum
 $52,000 or more but less than $53,000               35 per centum
 $53,000 or more but less than $53,900               30 per centum
 $53,900 or more but less than $54,800               25 per centum
 $54,800 or more but less than $55,700               20 per centum
 $55,700 or more but less than $56,600               15 per centum
 $56,600 or more but less than $57,500               10 per centum
 $57,500 or more but less than [$58,400] $100,001     5 per centum
 
 § 2. This act shall take effect immediately.