New York S 7209: Increases the maximum qualifying income for the senior citizen homeowner's exemption and the disabled homeowner's exemption

Bill Text

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S07209 Summary:

BILL NOS07209 

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SAME ASNo Same As

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SPONSORLANZA

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COSPNSR

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MLTSPNSR

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Amd §§11-245.3 & 11-245.4, NYC Ad Cd

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Increases the maximum qualifying income for the senior citizen homeowner's exemption and the disabled homeowner's exemption to $70,000 in the city of New York.

Go to top S07209 Actions:

BILL NOS07209 

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04/04/2025REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

01/07/2026REFERRED TO HOUSING, CONSTRUCTION AND COMMUNITY DEVELOPMENT

Go to topS07209 Committee&nbspVotes:

Go to topS07209 Floor&nbspVotes:

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

Go to topS07209 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7209

 2025-2026 Regular Sessions

 IN SENATE

 April 4, 2025
 ___________

 Introduced by Sen. LANZA -- read twice and ordered printed, and when
 printed to be committed to the Committee on Housing, Construction and
 Community Development

 AN ACT to amend the administrative code of the city of New York, in
 relation to increasing the maximum qualifying income for the senior
 citizen homeowner's exemption and the disabled homeowner's exemption

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

 1 Section 1. Paragraph (a) of subdivision 3 of section 11-245.3 of the
 2 administrative code of the city of New York, as amended by local law
 3 number 140 for the year 2017, is amended to read as follows:
 4 (a) if the income of the owner or the combined income of the owners of
 5 the property exceeds the sum of twenty-six thousand dollars beginning
 6 July first, two thousand six, twenty-seven thousand dollars beginning
 7 July first, two thousand seven, twenty-eight thousand dollars beginning
 8 July first, two thousand eight, twenty-nine thousand dollars beginning
 9 July first, two thousand nine, [and] fifty thousand dollars beginning
 10 July first, two thousand seventeen, and seventy thousand dollars begin-
 11 ning July first, two thousand twenty-five for the income tax year imme-
 12 diately preceding the date of making application for exemption. Income
 13 tax year shall mean the [twelve month] twelve-month period for which the
 14 owner or owners filed a federal personal income tax return, or if no
 15 such return is filed, the calendar year. Where title is vested in either
 16 [the husband or the wife] spouse, their combined income may not exceed
 17 such sum, except where the [husband or wife, or ex-husband or ex-wife]
 18 spouse, or ex-spouse is absent from the property as provided in subpara-
 19 graph (ii) of paragraph (d) of this subdivision, then only the income of
 20 the spouse or ex-spouse residing on the property shall be considered and
 21 may not exceed such sum. Such income shall include social security and
 22 retirement benefits, interest, dividends, total gain from the sale or
 23 exchange of a capital asset which may be offset by a loss from the sale

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11437-01-5

 S. 7209 2

 1 or exchange of a capital asset in the same income tax year, net rental
 2 income, salary or earnings, and net income from self-employment, but
 3 shall not include gifts, inheritances, a return of capital, payments
 4 made to individuals because of their status as victims of Nazi perse-
 5 cution as defined in P.L. 103-286, monies earned through employment in
 6 the federal foster grandparent program, and veterans disability compen-
 7 sation as defined in title 38 of the United States Code, and any such
 8 income shall be offset by all medical and prescription drug expenses
 9 actually paid which were not reimbursed or paid for by insurance. In
 10 computing net rental income and net income from self-employment no
 11 depreciation deduction shall be allowed for the exhaustion, wear and
 12 tear of real or personal property held for the production of income;
 13 § 2. Subdivision 7 of section 11-245.3 of the administrative code of
 14 the city of New York, as amended by local law number 140 for the year
 15 2017, is amended to read as follows:
 16 7. Notwithstanding the maximum income exemption eligibility level
 17 provided in subdivision three of