New York S 121: Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age

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S00121 Summary:

BILL NOS00121 

&nbsp

SAME ASSAME AS A04539

&nbsp

SPONSORCLEARE

&nbsp

COSPNSRBYNOE, JACKSON, ROLISON

&nbsp

MLTSPNSR

&nbsp

Amd §467, RPT L

&nbsp

Increases the amount of income property owners may earn for the purpose of eligibility for the property tax exemption for persons over sixty-five years of age; increases such amount to $75,000.

Go to top S00121 Actions:

BILL NOS00121 

&nbsp

01/08/2025REFERRED TO AGING

01/28/20251ST REPORT CAL.193

02/03/20252ND REPORT CAL.

02/04/2025ADVANCED TO THIRD READING 

06/13/2025COMMITTED TO RULES

01/07/2026REFERRED TO AGING

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Go to topS00121 Floor&nbspVotes:

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

Go to topS00121 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 121

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sens. CLEARE, ROLISON -- read twice and ordered printed,
 and when printed to be committed to the Committee on Aging

 AN ACT to amend the real property tax law, in relation to increasing the
 amount of income property owners may earn for the purpose of eligibil-
 ity for the property tax exemption for persons sixty-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. Subparagraph (i) of paragraph (a) of subdivision 3 of
 2 section 467 of the real property tax law, as amended by section 2 of
 3 part K of chapter 59 of the laws of 2023, is amended to read as follows:
 4 (i) if the income of the owner or the combined income of the owners of
 5 the property for the applicable income tax year exceeds the sum of three
 6 thousand dollars, or such other sum not less than three thousand dollars
 7 nor more than [fifty] seventy-five thousand dollars, as may be provided
 8 by the local law, ordinance or resolution adopted pursuant to this
 9 section.
 10 § 2. This act shall take effect immediately.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00271-01-5

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