Bill > A03054

This bill increases the income thresholds for senior citizen and disabled person property tax exemptions, making it easier for these groups to qualify for tax relief. Specifically, the bill modifies existing real property tax law to expand the income levels at which property owners can receive partial property tax exemptions. The changes raise the income brackets at which homeowners receive different percentage reductions in their property tax assessment, with incremental increases from 35% to 5% exemption rates based on rising income levels. Under the new provisions, local municipalities can adopt ordinances that allow seniors and disabled persons with higher incomes to qualify for property tax exemptions, with the first income threshold increasing from the current levels to $10,000 above the base income level (represented as M), and subsequent thresholds rising to $25,000 and $35,000 above the base level. The state will reimburse municipal corporations for the difference in tax revenue resulting from these expanded exemptions, and the changes will apply to any local laws or resolutions amended or adopted on or after April 1, 2024.

Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/A3054