Bill
Bill > A07887
NY A07887
NY A07887Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age; increases such amount to $75,000.
summary
Introduced
07/19/2023
07/19/2023
In Committee
01/03/2024
01/03/2024
Crossed Over
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
2023-2024 General Assembly
Bill Summary
AN ACT to amend the real property tax law, in relation to increasing the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons sixty-five years of age or over
AI Summary
This bill amends the Real Property Tax Law to increase the maximum income property owners can earn to qualify for the property tax exemption for persons 65 years of age or older. Specifically, the bill raises the income limit from $50,000 to $75,000. This change allows more older property owners to be eligible for this tax exemption, which helps reduce their property tax burden.
Committee Categories
Health and Social Services
Sponsors (7)
Brian Cunningham (D)*,
George Alvarez (D),
Scott Bendett (R),
Lester Chang (R),
Chris Eachus (D),
Karines Reyes (D),
Steve Stern (D),
Last Action
referred to aging (on 01/03/2024)
Taxonomy
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Social Welfare
- ‐ Services for the Elderly and Senior Citizens
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.nysenate.gov/legislation/bills/2023/A7887 | 07/19/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07887&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07887A | 08/04/2023 |
| BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=A07887&term=2023&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#A07887 | 07/19/2023 |
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