Bill > S01155

This bill establishes a comprehensive real property tax exemption for homeowners who are 60 years of age or older with an annual household income not exceeding $100,000. The exemption will be fully implemented starting in 2025 and provides a 100% tax exemption for eligible properties. Key provisions include allowing the exemption to continue if a spouse dies (as long as the surviving spouse is at least 60), protecting the exemption for cooperative apartment owners, and requiring municipalities to notify potential eligible homeowners about the tax break. The bill includes several important conditions for receiving the exemption, such as the property must be used exclusively for residential purposes, must be the legal residence of the owner, and the owner must have held title to the property for at least 12 consecutive months. Notably, the state will reimburse municipalities for the lost tax revenue, ensuring local governments are not financially disadvantaged by the new exemption. The bill also includes safeguards against fraud, such as imposing a fine and five-year disqualification for making false statements on the exemption application. Municipalities will be required to notify eligible property owners about the exemption, and owners can apply for the exemption even if they turn 60 after the initial taxable status date but before the end of the year.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S1155