Bill > S07384

This bill amends the real property tax law to change the income requirements for certain real property tax exemptions in a city with a population of one million or more. The key provisions are: 1. For the senior citizen homeowners' exemption and the disabled homeowners' exemption, the bill defines "income" as the applicant's adjusted gross income for federal tax purposes, minus distributions from retirement accounts. It also provides an alternative income calculation method for certain property owners who would receive a greater exemption under this new approach. 2. For the tax abatement and exemption for rent regulated and rent controlled property occupied by senior citizens or persons with disabilities, the bill similarly defines "income" as the applicant's adjusted gross income, with some additional inclusions and exclusions, and provides an alternative income calculation method for certain property owners. 3. The bill specifies that a change in the income calculation method will not affect eligibility to file a short-form renewal application for these exemptions. The bill is intended to provide more favorable income requirements for these property tax exemptions in New York City.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2023/S7384