Bill > S05175

This bill amends the real property tax law to authorize local governments to provide additional property tax exemptions for senior citizens based on their annual household income. Specifically, the bill allows municipalities to create a sliding scale of tax exemptions ranging from 50% to 65% of a property's assessed valuation, depending on how far below the maximum income eligibility level the household falls. The income categories are structured in $1,000 increments, with lower-income seniors qualifying for higher exemption percentages: households making less than the maximum income level but more than $1,000 below it would receive a 50% exemption, those making between $1,000 and $2,000 below the maximum would receive a 55% exemption, those between $2,000 and $3,000 below would get a 60% exemption, and households making more than $3,000 below the maximum income level would qualify for a 65% exemption. The bill will take effect on January 1, 2026, and apply to taxable years beginning on or after that date, giving local governments the flexibility to provide more targeted tax relief for lower-income senior citizens.

Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/S5175