Bill > S06533

This bill amends the New York Real Property Tax Law to increase income thresholds for tax abatements for senior citizens and people with disabilities. Specifically, the bill raises the income limit from fifty thousand dollars to fifty-five thousand dollars beginning July 1, 2025, for several types of property tax exemptions and abatements. These changes apply to dwelling units where the head of household is either 62 years or older or qualifies as a person with a disability. The bill allows local governments to set the exact income threshold between three thousand and fifty-five thousand dollars through local laws, ordinances, or resolutions. For seniors, the bill permits income adjustments if the head of household retires before filing their application, allowing them to exclude salary or earnings and project retirement income. The amendments are designed to provide more flexible tax relief for older and disabled property owners by recognizing potential changes in income during retirement or due to disability. The bill takes effect immediately, though the specific amendments to section 467-b will expire according to the existing law's provisions.

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https://www.nysenate.gov/legislation/bills/2025/S6533