New York S05175 authorizes localities to provide an additional real property tax exemption for senior citizens meeting income limits.

New York S05175 amends the real property tax law to allow localities to offer an additional tax exemption for senior citizens who meet income eligibility criteria. The exemption covers up to 65% of the property's assessed valuation. The bill introduces new income categories with corresponding exemption percentages for households earning below the maximum income eligibility level. This act takes effect immediately and applies to taxable years starting January 1, 2026.

New York S05175 authorizes localities to provide an additional real property tax exemption for senior citizens meeting income limits.

New York S05175 amends the real property tax law to allow localities to offer an additional tax exemption for senior citizens who meet income eligibility criteria. The exemption covers up to 65% of the property's assessed valuation. The bill introduces new income categories with corresponding exemption percentages for households earning below the maximum income eligibility level. This act takes effect immediately and applies to taxable years starting January 1, 2026.