Bill > A07665

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. In a city with a population of one million or more, the term "income" for the senior citizen homeowners' exemption and the disabled homeowners' exemption shall generally mean the applicant's adjusted gross income for federal income tax purposes, minus any distributions from individual retirement accounts or annuities. However, if an owner would receive a greater exemption starting in the 2025 tax year, the term "income" shall include a broader range of income sources, such as Social Security and retirement benefits, interest, dividends, and net rental income, but shall exclude certain items like gifts and inheritance. 2. The bill also modifies the income calculation for the tax abatement and exemption for rent-regulated and rent-controlled properties occupied by senior citizens or persons with disabilities in a city with a population of one million or more, allowing for a different income calculation method in certain circumstances. 3. These changes are intended to provide relief and maintain eligibility for certain real property tax exemptions and abatements for senior citizens and persons with disabilities in high-population cities.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2023/A7665