Bill > S00121

This bill amends the New York Real Property Tax Law to increase the income threshold for property tax exemptions for homeowners who are 65 years of age or older. Currently, property owners can qualify for a tax exemption if their income does not exceed a certain amount, previously capped at $50,000. The bill raises this income limit to $75,000, which means that seniors with higher incomes can now be eligible for property tax relief. This change allows more elderly homeowners to benefit from the tax exemption, potentially helping them manage their housing expenses on fixed incomes. The modification applies to the income calculation for the applicable income tax year, and local governments retain the flexibility to set the specific income threshold between $3,000 and $75,000 through local laws, ordinances, or resolutions. The bill will take effect immediately upon enactment.

Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/S121