Bill Text: NY A01039 | 2015-2016 | General Assembly | Introduced

New York Assembly Bill 1039 (Prior Session Legislation)

Introduced

Bill Title: Caps the amount of taxes a senior has to pay on his or her real property at the amount such individual paid in the year in which he or she turned 70; provides that the individual claiming the limitation must be the owner of the property and must reside in the property for at least seventy-five percent of the year.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2016-01-06 - referred to real property taxation [A01039 Detail]

Download: New_York-2015-A01039-Introduced.html

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         1039
                              2015-2016 Regular Sessions
                                 I N  A S S E M B L Y
                                    January 8, 2015
                                      ___________
       Introduced  by  M.  of A. GUNTHER, COLTON, PERRY, COOK, SKOUFIS, WALTER,
         SALADINO, RAIA, McLAUGHLIN, MONTESANO -- Multi-Sponsored by --  M.  of
         A.  BLANKENBUSH,  CERETTO,  CORWIN,  HOOPER,  THIELE  -- read once and
         referred to the Committee on Real Property Taxation
       AN ACT to amend the real property tax law, in relation to the limitation
         of taxation on certain seniors
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  real  property  tax  law  is amended by adding a new
    2  section 497 to read as follows:
    3    S 497. LIMITATION OF TAXATION ON CERTAIN SENIORS.  1.  THE  AMOUNT  OF
    4  TAXES  PAID  ON  REAL PROPERTY BY QUALIFIED SENIORS IN SUBSEQUENT YEARS,
    5  INCLUDING SCHOOL TAXES, SHALL NOT EXCEED THE AMOUNT PAID BY  SUCH  INDI-
    6  VIDUAL IN THE YEAR IN WHICH HE OR SHE TURNS SEVENTY YEARS OF AGE.
    7    2.  FOR  PURPOSES OF THIS SECTION, A QUALIFIED SENIOR IS AN INDIVIDUAL
    8  WHO IS:
    9    A. THE OWNER OF THE SUBJECT PROPERTY; AND
   10    B. RESIDES AT THE PROPERTY FOR AT LEAST TWO HUNDRED SEVENTY-FOUR  DAYS
   11  IN ANY GIVEN YEAR; AND
   12    C. IS AT LEAST SEVENTY YEARS OF AGE.
   13    S  2.  This  act  shall take effect immediately and shall apply to all
   14  real property tax assessments occurring on or after such effective date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01671-01-5