New York A03698 allows localities to provide an additional real property tax exemption for senior citizens meeting income limits.

New York A03698 amends the real property tax law to allow localities to offer an additional real property tax exemption for senior citizens who meet income eligibility limits. The exemption can cover up to 65% of the assessed valuation of the property. The bill introduces new income categories with corresponding exemption percentages for households earning less than the maximum income eligibility level. This act applies to taxable years beginning on and after January 1, 2026.

New York A03698 allows localities to provide an additional real property tax exemption for senior citizens meeting income limits.

New York A03698 amends the real property tax law to allow localities to offer an additional real property tax exemption for senior citizens who meet income eligibility limits. The exemption can cover up to 65% of the assessed valuation of the property. The bill introduces new income categories with corresponding exemption percentages for households earning less than the maximum income eligibility level. This act applies to taxable years beginning on and after January 1, 2026.