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S T A T E O F N E W Y O R K
________________________________________________________________________
11597
I N A S S E M B L Y
June 5, 2026
___________
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Yeger) --
read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to additional
real property tax exemptions for certain senior citizens
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subparagraph 4 of paragraph (b) of subdivision 1 of section
2 467 of the real property tax law, as added by chapter 581 of the laws of
3 2025, is amended to read as follows:
4 (4) Notwithstanding the maximum exemption percentage permitted pursu-
5 ant to paragraph (a) of this subdivision, any local law, ordinance or
6 resolution adopted pursuant to this section may be amended, or a local
7 law, ordinance or resolution may be adopted, to create additional annual
8 income categories and corresponding exemption percentages for households
9 making less than the maximum income eligibility level of such municipal
10 corporation as provided in this subdivision (represented in the herein-
11 below schedule as M) pursuant to the following schedule:
12 ANNUAL INCOME PERCENTAGE OF ASSESSED VALUATION
13 EXEMPT FROM TAXATION
14 Less than (M) but
15 more than [(M- $1,000)] (M- $1,001) 50%
16 Less than (M- $1,000) but
17 more than [(M- $2,000)] (M- $2,001) 55%
18 Less than (M- $2,000) but 60%
19 more than [(M- $3,000)] (M- $3001); and
20 Less than (M- $3,000) 65%
21 § 2. This act shall take effect immediately and shall apply to taxable
22 years beginning on and after January 1, 2026.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD15918-02-6