New York Senate Bill S05108 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 5108 2023-2024 Regular Sessions  IN SENATE February 23, 2023 ___________ Introduced by Sen. KENNEDY -- 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 the limitation of taxation on certain seniors 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 498 to read as follows: 3 § 498. Limitation of taxation on certain seniors. 1. The amount of 4 taxes paid on real property by qualified seniors in subsequent years, 5 including school taxes, shall not exceed the amount paid by such indi- 6 vidual in the year in which he or she turns sixty-five years of age. 7 2. For purposes of this section, a qualified senior is an individual 8 who is: 9 a. the owner of the subject property; and 10 b. resides at the property for at least two hundred seventy-four days 11 in any given year; and 12 c. is at least sixty-five years of age. 13 § 2. This act shall take effect immediately and shall apply to all 14 real property tax assessments occurring on or after such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09820-01-3