Bill > A03149

This bill increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons 65 years of age or over and for persons with disabilities and limited income. Specifically, it raises the income limit from $29,000 to $50,000 beginning July 1, 2020. The bill provides context by explaining how "income tax year" is defined and what types of income are included and excluded when determining eligibility for the property tax exemption.