BILL NUMBER: S121
SPONSOR: CLEARE
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to increasing the
amount of income property owners may earn for the purpose of eligibility
for the property tax exemption for persons sixty-five years of age or
over
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to increasing the
amount of income property owners may earn for the purpose of eligibility
for the property tax exemption for persons sixty-five years of age or
over
 
PURPOSE OR GENERAL IDEA OF BILL:
To increase the maximum income allowable for senior citizen homeowners
to be eligible for a tax exemption
 
SUMMARY OF PROVISIONS:
Section 1 increases. the maximum income allowable to $75,000.
Section 2 provides for an immediate effective date.
 
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):
Changes income limit from $100,000 to $75,000, which represents a better
tradeoff between senior assistance and revenue for the state.
 
JUSTIFICATION:
Many senior citizens, living on a fixed income, are eligible for a
partial property tax exemption. Current maximum income for eligibility
ranges between $55,700 and $58,400. Nevertheless, seniors earning
between $58,400 and $75,000 still face significant financial pressures
and would benefit from a partial property tax exemption.
 
PRIOR LEGISLATIVE HISTORY:
Passed Senate In 2024.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
 
EFFECTIVE DATE:
Immediately.

Statutes affected:
S121: 467 real property tax law, 467(3) real property tax law