New York S 6427: Grants a total exemption from real property taxation for school tax purposes for certain persons seventy-five years of age or over

Bill Text

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S06427 Summary:

BILL NOS06427 

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SAME ASSAME AS A06271

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SPONSORWEBER

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COSPNSR

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MLTSPNSR

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Add §467-o, RPT L

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Grants a total exemption from real property school tax for property owned by a person seventy-five years of age or older, or owned by spouses or siblings if one such person is seventy-five years of age or over, provided the owner has no children in the school district and has resided in the district for 30 years or more.

Go to top S06427 Actions:

BILL NOS06427 

&nbsp

03/13/2025REFERRED TO LOCAL GOVERNMENT

01/07/2026REFERRED TO LOCAL GOVERNMENT

Go to topS06427 Committee&nbspVotes:

Go to topS06427 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS06427 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6427

 2025-2026 Regular Sessions

 IN SENATE

 March 13, 2025
 ___________

 Introduced by Sen. WEBER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Local Government

 AN ACT to amend the real property tax law, in relation to granting a
 total exemption from real property taxation for school tax purposes
 for certain persons seventy-five years of age or over

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The real property tax law is amended by adding a new
 2 section 467-o to read as follows:
 3 § 467-o. Persons seventy-five years of age or over. 1. Notwithstand-
 4 ing any inconsistent provision of section four hundred sixty-seven of
 5 this title or any other provision of law, real property owned by one or
 6 more persons each of whom is seventy-five years of age or over, or real
 7 property owned by spouses or siblings, one of whom is seventy-five years
 8 of age or over and the youngest owner is at least sixty-five years of
 9 age; such persons have resided in the school district for at least thir-
 10 ty years and do not have any children enrolled in such school district
 11 shall be exempt from taxation by any municipal corporation for school
 12 purposes, in which located, to the total extent of the assessed valu-
 13 ation thereof provided the governing board of such municipality, after
 14 public hearing, adopts a local law, ordinance or resolution providing
 15 therefor.
 16 2. All of the provisions of section four hundred sixty-seven of this
 17 title applicable to the granting of exemptions for general, county,
 18 city, town, village, or school purposes insofar as such provisions are
 19 not inconsistent with the provisions of this section shall be applicable
 20 to the effectuating of the exemption provided in this section.
 21 3. (a) To qualify for exemption pursuant to this section, the property
 22 must be a one, two or three family residence, a farm dwelling or resi-
 23 dential property held in condominium or cooperative form of ownership.
 24 If the property is not an eligible type of property, but a portion of

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08804-01-5

 S. 6427 2

 1 the property is partially used by the owner as a primary residence, that
 2 portion which is so used shall be entitled to the exemption provided by
 3 this section; provided that in no event shall the exemption exceed the
 4 assessed value attributable to that portion.
 5 (b) Primary residence. The property must serve as the primary resi-
 6 dence of one or more of the owners thereof.
 7 (c) Trusts. If legal title to the property is held by one or more
 8 trustees, the beneficial owner or owners shall be deemed to own the
 9 property for purposes of this subdivision.
 10 (d) Farm dwellings not owned by the resident. (i) If legal title to
 11 the farm dwelling is held by an S-corporation or by a C-corporation, the
 12 exemption shall be granted if the property serves as the primary resi-
 13 dence of a shareholder of such corporation.
 14 (ii) If the legal title to the farm dwelling is held by a partnership,
 15 the exemption shall be granted if the property serves as the primary
 16 residence of one or more of the partners.
 17 (iii) Any information deemed necessary to establish shareholder or
 18 partner status for eligibility purposes shall be co