Bill > S01244

This bill increases the income thresholds for eligibility for the senior citizen and disabled person property tax exemptions in New York. Specifically, it raises the maximum income level for the exemption from $29,000 to $50,000 for cities with a population of one million or more (i.e., New York City), and expands the income brackets and corresponding exemption percentages for the senior citizen and disabled property owner exemptions. Additionally, the state will reimburse municipal corporations for the difference in real property tax revenue abated due to the increased income thresholds.