New York S05832 increases income thresholds for senior citizen and disabled person property tax exemptions.

New York S05832 amends the real property tax law to increase the income thresholds for eligibility for the senior citizen and disabled person property tax exemptions. This applies to any local law, resolution, or ordinance amended or adopted on and after the effective date of this act. The bill provides a detailed schedule of the new income thresholds, which vary based on the assessed valuation of the property. The state will reimburse municipal corporations for the difference in real property tax revenue resulting from these changes.

New York S05832 increases income thresholds for senior citizen and disabled person property tax exemptions.

New York S05832 amends the real property tax law to increase the income thresholds for eligibility for the senior citizen and disabled person property tax exemptions. This applies to any local law, resolution, or ordinance amended or adopted on and after the effective date of this act. The bill provides a detailed schedule of the new income thresholds, which vary based on the assessed valuation of the property. The state will reimburse municipal corporations for the difference in real property tax revenue resulting from these changes.