New York S 1155: Relates to establishing a real property tax exemption for certain persons sixty years of age or over

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S01155 Summary:

BILL NOS01155 

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SAME ASNo Same As

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SPONSOROBERACKER

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COSPNSRBORRELLO, RHOADS

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MLTSPNSR

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Add §461, RPT L

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Establishes a real property tax exemption for persons sixty years of age or over with an annual household income not exceeding $100,000; directs the state to reimburse municipalities for lost revenues.

Go to top S01155 Actions:

BILL NOS01155 

&nbsp

01/08/2025REFERRED TO LOCAL GOVERNMENT

01/07/2026REFERRED TO LOCAL GOVERNMENT

Go to topS01155 Committee&nbspVotes:

Go to topS01155 Floor&nbspVotes:

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

Go to topS01155 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1155

 2025-2026 Regular Sessions

 IN SENATE

 January 8, 2025
 ___________

 Introduced by Sens. OBERACKER, BORRELLO -- read twice and ordered print-
 ed, and when printed to be committed to the Committee on Local Govern-
 ment

 AN ACT to amend the real property tax law, in relation to establishing a
 real property tax exemption for certain persons sixty years of age and
 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 461 to read as follows:
 3 § 461. Persons sixty years of age and over. 1. (a) Real property owned
 4 by one or more persons, each of whom is sixty years of age or over, or
 5 real property owned by married persons, one of whom is sixty years of
 6 age or over with an annual household income not exceeding one hundred
 7 thousand dollars, shall be exempt from taxation by any municipal corpo-
 8 ration in which located to the extent provided pursuant to paragraph (b)
 9 of this subdivision.
 10 (b) The exemption provided by this section shall be one hundred
 11 percent of the assessed valuation for assessment rolls prepared on the
 12 basis of taxable status dates occurring during the year two thousand
 13 twenty-five and thereafter.
 14 (c) The real property tax exemption on real property owned by married
 15 persons, one of whom is sixty years of age or over, once granted, shall
 16 not be rescinded by any municipal corporation solely because of the
 17 death of the older spouse so long as the surviving spouse is at least
 18 sixty years of age.
 19 2. Exemption from taxation for school purposes shall not be granted
 20 in the case of real property where a child resides if such child attends
 21 a public school of elementary or secondary education.
 22 3. No exemption shall be granted:

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03471-01-5

 S. 1155 2

 1 (a) unless the owner shall have held an exemption under this section
 2 for their previous residence or unless the title of the property shall
 3 have been vested in the owner or one of the owners of the property for
 4 at least twelve consecutive months prior to the date of making applica-
 5 tion for exemption, provided, however, that in the event of the death of
 6 either spouse in whose name title of the property shall have been vested
 7 at the time of death and then becomes vested solely in the survivor by
 8 virtue of devise by or descent from the deceased spouse, the time of
 9 ownership of the property by the deceased spouse shall be deemed also a
 10 time of ownership by the survivor and such ownership shall be deemed
 11 continuous for the purposes of computing such period of twelve consec-
 12 utive months. In the event of a transfer by one spouse to the other
 13 spouse of all or part of the title to the property, the time of owner-
 14 ship of the property by the transferor spouse shall be deemed also a
 15 time of ownership by the transferee spouse and such ownership shall be
 16 deemed continuous for the purposes of computing such period of twelve
 17 consecutive months. Where property of the owner or owners has been
 18 acquired to replace property formerly owned by such owner or owners and
 19 taken by eminent domain or other involuntary proceeding, except a tax
 20 sale, the period of ownership of the former property shall be combined
 21 with the period of ownership of the property for which application is
 22 made for exemption and such