Bill > A03698

This bill amends the real property tax law to provide localities with the option to create additional property tax exemptions for senior citizens based on their annual household income. Specifically, the bill allows local governments to establish new income-based exemption categories that provide increasing levels of property tax relief: 50% exemption for households with income just below the maximum eligibility level, 55% exemption for those with slightly lower income, 60% exemption for an even lower income bracket, and a maximum 65% exemption for the lowest income seniors. The variable "M" represents the maximum income eligibility level set by each municipal corporation, and the exemption percentages are calculated in relationship to this baseline. This means that seniors with lower incomes will qualify for progressively higher property tax exemptions, potentially providing significant financial relief to those with the most limited resources. The bill will take effect on January 1, 2026, and apply to taxable years beginning on or after that date, giving local governments time to adapt their tax policies to the new framework.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3698