Shown verbatim: the complete text as captured from the official source posted by the New York State Senate, fetched 2026-08-11. Nothing is edited or removed. Where this bill amends existing law, language marked for deletion in the official source appears here in brackets. The official bill page.
S T A T E O F N E W Y O R K
________________________________________________________________________
3698--A
2025-2026 Regular Sessions
I N A S S E M B L Y
January 30, 2025
___________
Introduced by M. of A. WEPRIN, WILLIAMS, ALVAREZ, PHEFFER AMATO --
Multi-Sponsored by -- M. of A. COLTON -- read once and referred to the
Committee on Real Property Taxation -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the real property tax law, in relation to providing an
additional real property tax exemption for certain senior citizens
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Paragraph (b) of subdivision 1 of section 467 of the real
property tax law is amended by adding a new subparagraph 4 to read as
follows:
(4) NOTWITHSTANDING THE MAXIMUM EXEMPTION PERCENTAGE PERMITTED PURSU-
ANT TO PARAGRAPH (A) OF THIS SUBDIVISION, ANY LOCAL LAW, ORDINANCE OR
RESOLUTION ADOPTED PURSUANT TO THIS SECTION MAY BE AMENDED, OR A LOCAL
LAW, ORDINANCE OR RESOLUTION MAY BE ADOPTED, TO CREATE ADDITIONAL ANNUAL
INCOME CATEGORIES AND CORRESPONDING EXEMPTION PERCENTAGES FOR HOUSEHOLDS
MAKING LESS THAN THE MAXIMUM INCOME ELIGIBILITY LEVEL OF SUCH MUNICIPAL
CORPORATION AS PROVIDED IN THIS SUBDIVISION (REPRESENTED IN THE HEREIN-
BELOW SCHEDULE AS M) PURSUANT TO THE FOLLOWING SCHEDULE:
ANNUAL INCOME PERCENTAGE OF ASSESSED VALUATION
EXEMPT FROM TAXATION
LESS THAN (M) BUT
MORE THAN (M- $1,000) 50%
LESS THAN (M- $1,000) BUT
MORE THAN (M- $2,000) 55%
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06109-02-5
A. 3698--A 2
LESS THAN (M- $2,000) BUT 60%
MORE THAN (M- $3,000); AND
LESS THAN (M- $3,000) 65%
§ 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2026.Every fact on this page links to its source, starting with the official bill record.