Bill > A04539

This bill amends the 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 $50,000, but this bill raises that limit to $75,000. The change means that more senior homeowners will be eligible for property tax relief, as those with slightly higher incomes will now qualify for the exemption. The bill allows local governments to set the income threshold between $3,000 and $75,000, providing flexibility for municipalities to adjust the exemption based on local economic conditions. By increasing the income limit, the bill aims to help seniors with modest incomes manage their property tax burden, potentially making homeownership more affordable for older residents. The amendment will take effect immediately upon enactment.

Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/A4539