Bill > S05832

This bill increases the income thresholds for senior citizens and disabled persons to qualify for property tax exemptions in New York state. Specifically, the bill modifies existing real property tax law by expanding the income levels at which property owners can receive partial property tax exemptions. The changes raise the income brackets for different percentage levels of tax exemption, with the most significant modifications including increasing the lowest income threshold from less than $3,000 to less than $10,000, and the highest income threshold from less than $8,400 to less than $35,000. The state will reimburse municipal corporations for the difference in tax revenue resulting from these new, more generous income thresholds. The bill applies to any local law, resolution, or ordinance amended or adopted on or after April 1, 2024, and is designed to provide more substantial property tax relief to senior citizens and disabled property owners with lower and moderate incomes by allowing them to qualify for higher percentage exemptions at increased income levels.

Budget and Finance, Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/S5832