STATE OF NEW YORK ________________________________________________________________________ 5184 2023-2024 Regular Sessions IN SENATE February 24, 2023 ___________ 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-three 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, their combined income may not exceed such sum, 17 except where the husband or wife, or ex-husband or ex-wife is absent 18 from the property as provided in subparagraph (ii) of paragraph (d) of 19 this subdivision, then only the income of the spouse or ex-spouse resid- 20 ing on the property shall be considered and may not exceed such sum. 21 Such income shall include social security and retirement benefits, 22 interest, dividends, total gain from the sale or exchange of a capital 23 asset which may be offset by a loss from the sale or exchange of a capi- EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09208-01-3
S. 5184 2 1 tal asset in the same income tax year, net rental income, salary or 2 earnings, and net income from self-employment, but shall not include 3 gifts, inheritances, a return of capital, payments made to individuals 4 because of their status as victims of Nazi persecution as defined in 5 P.L. 103-286, monies earned through employment in the federal foster 6 grandparent program, and veterans disability compensation as defined in 7 title 38 of the United States Code, and any such income shall be offset 8 by all medical and prescription drug expenses actually paid which were 9 not reimbursed or paid for by insurance. In computing net rental income 10 and net income from self-employment no depreciation deduction shall be 11 allowed for the exhaustion, wear and tear of real or personal property 12 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 this section, an exemption, subject to 18 all other provisions of this section, shall be granted as indicated in 19 the following schedule: 20 Annual Income Percentage Assessed Valuation 21 as of July 1, 2006 Exempt From Taxation 22 More than $26,000 but less than $27,000 45 per centum 23 $27,000 or more but less than $28,000 40 per centum 24 $28,000 or more but less than $29,000 35 per centum 25 $29,000 or more but less than $29,900 30 per centum 26 $29,900 or more but less than $30,800 25 per centum 27 $30,800 or more but less than $31,700 20 per centum 28 $31,700 or more but less than $32,600 15 per centum 29 $32,600 or more but less than $33,500 10 per centum 30 $33,500 or more but less than $34,400 5 per centum 31 Percentage Assessed Valuation 32 Annual Income as of July 1, 2007 Exempt From Taxation 33 More than $27,000 but less than $28,000 45 per centum 34 $28,000 or more but less than $29,000 40 per centum 35 $29,000 or more but less than $30,000 35 per centum 36 $30,000 or more but less than $30,900 30 per centum 37 $30,900 or more but less than $31,800 25 per centum 38 $31,800 or more but less than $32,700 20 per centum 39 $32,700 or more but less than $33,600 15 per centum 40 $33,600 or more but less than $34,500 10 per centum 41 $34,500 or more but less than $35,400 5 per centum 42 Percentage Assessed Valuation 43 Annual Income as of July 1, 2008 Exempt From Taxation 44 More than $28,000 but less than $29,000 45 per centum 45 $29,000 or more but less than $30,000 40 per centum 46 $30,000 or more but less than $31,000 35 per centum 47 $31,000 or more but less than $31,900 30 per centum 48 $31,900 or more but less than $32,800 25 per centum 49 $32,800 or more but less than $33,700 20 per centum 50 $33,700 or more but less than $34,600 15 per centum
S. 5184 3 1 $34,600 or more but less than $35,500 10 per centum 2 $35,500 or more but less than $36,400 5 per centum 3 Percentage Assessed Valuation 4 Annual Income as of July 1, 2009 Exempt From Taxation 5 More than $29,000 but less than $30,000 45 per centum 6 $30,000 or more but less than $31,000 40 per centum 7 $31,000 or more but less than $32,000 35 per centum 8 $32,000 or more but less than $32,900 30 per centum 9 $32,900 or more but less than $33,800 25 per centum 10 $33,800 or more but less than $34,700 20 per centum 11 $34,700 or more but less than $35,600 15 per centum 12 $35,600 or more but less than $36,500 10 per centum 13 $36,500 or more but less than $37,400 5 per centum 14 Percentage Assessed Valuation 15 Annual Income as of July 1, 2017 Exempt From Taxation 16 More than $50,000 but less than $51,000 45 per centum 17 $51,000 or more but less than $52,000 40 per centum 18 $52,000 or more but less than $53,000 35 per centum 19 $53,000 or more but less than $53,900 30 per centum 20 $53,900 or more but less than $54,800 25 per centum 21 $54,800 or more but less than $55,700 20 per centum 22 $55,700 or more but less than $56,600 15 per centum 23 $56,600 or more but less than $57,500 10 per centum 24 $57,500 or more but less than $58,400 5 per centum 25 Percentage Assessed Valuation 26 Annual Income as of July 1, 2023 Exempt From Taxation 27 More than $70,000 but less than $71,000 45 per centum 28 $71,000 or more but less than $72,000 40 per centum 29 $72,000 or more but less than $73,000 35 per centum 30 $73,000 or more but less than $73,900 30 per centum 31 $73,900 or more but less than $74,800 25 per centum 32 $74,800 or more but less than $75,700 20 per centum 33 $75,700 or more but less than $76,600 15 per centum 34 $76,600 or more but less than $77,500 10 per centum 35 $77,500 or more but less than $78,400 5 per centum 36 § 3. Paragraph (a) of subdivision 3 of section 11-245.4 of the admin- 37 istrative code of the city of New York, as amended by local law number 38 140 for the year 2017, is amended to read as follows: 39 (a) if the income of the owner or the combined income of the owners of 40 the property for the income tax year immediately preceding the date of 41 making application for exemption exceeds the sum of twenty-six thousand 42 dollars beginning July first, two thousand six, twenty-seven thousand 43 dollars beginning July first, two thousand seven, twenty-eight thousand 44 dollars beginning July first, two thousand eight, twenty-nine thousand 45 dollars beginning July first, two thousand nine, [and] fifty thousand 46 dollars beginning July first, two thousand seventeen, and seventy thou- 47 sand dollars beginning July first, two thousand twenty-three. Income tax 48 year shall mean the [twelve month] twelve-month period for which the 49 owner or owners filed a federal personal income tax return, or if no
S. 5184 4 1 such return is filed, the calendar year. Where title is vested in either 2 the husband or the wife, their combined income may not exceed such sum, 3 except where the husband or wife, or ex-husband or ex-wife is absent 4 from the property due to divorce, legal separation or abandonment, then 5 only the income of the spouse or ex-spouse residing on the property 6 shall be considered and may not exceed such sum. Such income shall 7 include social security and retirement benefits, interest, dividends, 8 total gain from the sale or exchange of a capital asset which may be 9 offset by a loss from the sale or exchange of a capital asset in the 10 same income tax year, net rental income, salary or earnings, and net 11 income from self-employment, but shall not include a return of capital, 12 gifts, inheritances or monies earned through employment in the federal 13 foster grandparent program and any such income shall be offset by all 14 medical and prescription drug expenses actually paid which were not 15 reimbursed or paid for by insurance. In computing net rental income and 16 net income from self-employment no depreciation deduction shall be 17 allowed for the exhaustion, wear and tear of real or personal property 18 held for the production of income; 19 § 4. Subdivision 6 of section 11-245.4 of the administrative code of 20 the city of New York, as amended by local law number 41 for the year 21 2006, the schedule as amended by local law number 140 for the year 2017, 22 is amended to read as follows: 23 6. Notwithstanding the maximum income exemption eligibility level 24 provided in subdivision three of this section, an exemption, subject to 25 all other provisions of this section, shall be granted as indicated in 26 the following schedule: 27 Percentage Assessed Valuation 28 Annual Income as of July 1, 2006 Exempt From Taxation 29 More than $26,000 but less than $27,000 45 per centum 30 $27,000 or more but less than $28,000 40 per centum 31 $28,000 or more but less than $29,000 35 per centum 32 $29,000 or more but less than $29,900 30 per centum 33 $29,900 or more but less than $30,800 25 per centum 34 $30,800 or more but less than $31,700 20 per centum 35 $31,700 or more but less than $32,600 15 per centum 36 $32,600 or more but less than $33,500 10 per centum 37 $33,500 or more but less than $34,400 5 per centum 38 Percentage Assessed Valuation 39 Annual Income as of July 1, 2007 Exempt From Taxation 40 More than $27,000 but less than $28,000 45 per centum 41 $28,000 or more but less than $29,000 40 per centum 42 $29,000 or more but less than $30,000 35 per centum 43 $30,000 or more but less than $30,900 30 per centum 44 $30,900 or more but less than $31,800 25 per centum 45 $31,800 or more but less than $32,700 20 per centum 46 $32,700 or more but less than $33,600 15 per centum 47 $33,600 or more but less than $34,500 10 per centum 48 $34,500 or more but less than $35,400 5 per centum
S. 5184 5 1 Percentage Assessed Valuation 2 Annual Income as of July 1, 2008 Exempt From Taxation 3 More than $28,000 but less than $29,000 45 per centum 4 $29,000 or more but less than $30,000 40 per centum 5 $30,000 or more but less than $31,000 35 per centum 6 $31,000 or more but less than $31,900 30 per centum 7 $31,900 or more but less than $32,800 25 per centum 8 $32,800 or more but less than $33,700 20 per centum 9 $33,700 or more but less than $34,600 15 per centum 10 $34,600 or more but less than $35,500 10 per centum 11 $35,500 or more but less than $36,400 5 per centum 12 Percentage Assessed Valuation 13 Annual Income as of July 1, 2009 Exempt From Taxation 14 More than $29,000 but less than $30,000 45 per centum 15 $30,000 or more but less than $31,000 40 per centum 16 $31,000 or more but less than $32,000 35 per centum 17 $32,000 or more but less than $32,900 30 per centum 18 $32,900 or more but less than $33,800 25 per centum 19 $33,800 or more but less than $34,700 20 per centum 20 $34,700 or more but less than $35,600 15 per centum 21 $35,600 or more but less than $36,500 10 per centum 22 $36,500 or more but less than $37,400 5 per centum 23 Percentage Assessed Valuation 24 Annual Income as of July 1, 2017 Exempt From Taxation 25 More than $50,000 but less than $51,000 45 per centum 26 $51,000 or more but less than $52,000 40 per centum 27 $52,000 or more but less than $53,000 35 per centum 28 $53,000 or more but less than $53,900 30 per centum 29 $53,900 or more but less than $54,800 25 per centum 30 $54,800 or more but less than $55,700 20 per centum 31 $55,700 or more but less than $56,600 15 per centum 32 $56,600 or more but less than $57,500 10 per centum 33 $57,500 or more but less than $58,400 5 per centum 34 Percentage Assessed Valuation 35 Annual Income as of July 1, 2023 Exempt From Taxation 36 More than $70,000 but less than $71,000 45 per centum 37 $71,000 or more but less than $72,000 40 per centum 38 $72,000 or more but less than $73,000 35 per centum 39 $73,000 or more but less than $73,900 30 per centum 40 $73,900 or more but less than $74,800 25 per centum 41 $74,800 or more but less than $75,700 20 per centum 42 $75,700 or more but less than $76,600 15 per centum 43 $76,600 or more but less than $77,500 10 per centum 44 $77,500 or more but less than $78,400 5 per centum 45 § 5. This act shall take effect immediately and shall apply to 46 exemption applications made for the fiscal year commencing in 2017 and 47 all fiscal years thereafter.