New York Assembly Bill A07077 Latest Draft

   
  STATE OF NEW YORK ________________________________________________________________________ 7077 2025-2026 Regular Sessions  IN ASSEMBLY March 20, 2025 ___________ Introduced by M. of A. PRETLOW -- read once and referred to the Commit- tee on Real Property Taxation AN ACT to amend the real property tax law, in relation to qualifications of certain real property owners, sixty-five years of age or over, for partial exemption from real property taxation The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 467 of the real property tax law is amended by 2 adding a new subdivision 12 to read as follows: 3 12. Any local law or ordinance adopted pursuant to paragraph (a) of 4 subdivision one and paragraph (a) of subdivision three of this section 5 may be amended, or a local law or ordinance may be adopted to allow a 6 local law to offer an exemption to an individual or owners of property 7 based on income earned during the income tax year immediately preceding 8 the date of making the application, that may exclude income earned from 9 a disability pension or benefits that may exceed the sum of three thou- 10 sand dollars up to fifteen thousand dollars as may be provided by the 11 local law, ordinance or resolution adopted pursuant to this subdivision. 12 § 2. This act shall take effect on the first of January next succeed- 13 ing the date on which it shall have become a law and shall apply to 14 assessment rolls prepared on the basis of taxable status dates occurring 15 on or after such date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10712-01-5