Bill Text: NY A03712 | 2019-2020 | General Assembly | Introduced

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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) 2020-01-08 - referred to real property taxation [A03712 Detail]

Download: New_York-2019-A03712-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          3712
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 30, 2019
                                       ___________
        Introduced  by M. of A. GUNTHER, COLTON, PERRY, COOK, RAIA, MONTESANO --
          Multi-Sponsored by -- M. of A. BLANKENBUSH, 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    §  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    § 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.
                                                                   LBD01097-01-9