Bill > A06362

This bill authorizes localities in New York to provide an additional real property tax exemption for senior citizens who meet certain income eligibility limits. The exemption can be up to 65% of the assessed valuation of the real property, with higher exemption percentages for seniors with lower incomes. The bill amends the existing real property tax law to create new income categories and corresponding exemption percentages, allowing localities to expand tax relief for eligible senior homeowners. The bill takes effect immediately and applies to taxable years beginning on or after January 1, 2024.