BILL NUMBER: S8280A
SPONSOR: SEPULVEDA
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to a rebate
against real property taxes for certain owners of real property in the
city of New York
 
SUMMARY OF PROVISIONS:
Section one amends RPTL Section 467-1 to allow for the extension of the
real property tax rebate in New York City for 2024-2025 and increases
the maximum combined income of property owners to five hundred thousand
dollars for tax year 2023.
Section two makes technical changes to RPTL Section 467-1 to align with
the changes in section one to the program timeline and income require-
ments.
Section three makes technical changes to RPTL Section 467-1 to align
with the changes in section one to the program timeline and sets the
amount of the rebate to the lesser of one hundred seventy-five dollars
or the annual tax imposed on the property.
Section four makes technical changes to RPTL Section 467-1 to align with
the changes in section one to the program timeline.
Section five makes technical changes to RPTL Section 467-1 to align with
the changes in section one to the program timeline and provides that
property owners may seek administrative review by the commissioner of
finance regarding eligibility determination no later than July 1, 2026.
Section six makes technical changes to RPTL Section 467-1 to align with
the changes in section one to income requirements.
Section seven is the effective date.
 
JUSTIFICATION:
Over the last thirteen years, property tax bills for New York City home-
owners have grown faster than household incomes, meaning homeowners
commit a growing portion of their income to property taxes each year.
While some may argue higher home values are a windfall for many homeown-
ers, the reality is that many homeowners have no way to easily access
that wealth to pay for their day-to-day needs. Rather, it makes meeting
those needs more difficult as property taxes take an increasing cut of
their incomes. Providing a property tax rebate to working and middle
class homeowners, as was originally authorized in 2022, will help alle-
viate some of the pressures caused by increased property values.
 
LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATION:
None to the state.
 
EFFECTIVE DATE:
This act shall take effect immediately; provided, however, if this act
shall have become a law after June 1, 2025, it shall take effect imme-
diately and shall be deemed to have been in full forceò and effect on
and after June 1, 2025.

Statutes affected:
S8280: 467-l real property tax law, 467-l(1) real property tax law, 467-l(7) real property tax law, 467-l(9) real property tax law, 467-l(13) real property tax law
S8280A: 467-l real property tax law, 467-l(1) real property tax law, 467-l(13) real property tax law