Bill > S05948

This bill amends the Real Property Tax Law to increase the income thresholds for eligibility for the senior citizen and disabled person property tax exemptions. Specifically, it raises the maximum income eligibility level from $50,000 to $35,000 for a 5% exemption, from $50,000 to $25,000 for a 15% exemption, and from $50,000 to $10,000 for a 35% exemption. The bill applies to any local law, resolution, or ordinance amended or adopted on and after the effective date of this act, and the state will reimburse municipal corporations for the difference in the amount of real property tax revenue abated due to the new income thresholds.