Bill S6760-2013

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

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.

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  • Mar 6, 2014: REFERRED TO LOCAL GOVERNMENT

Memo

BILL NUMBER:S6760

TITLE OF BILL: An act to amend the real property tax law, in relation to the limitation of taxation on certain seniors

PURPOSE:

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.

SUMMARY OF PROVISION:

Amends the real property tax law by adding a new Section 497 to limit taxation on certain seniors; the amount of taxes paid on real property by qualified seniors in subsequent years, including school taxes, shall not exceed the amount paid by such individual in the year in which the senior turns seventy years of age. For purposes of this section, a senior is an individual who is the owner of the subject property and resides at the property for at least 274 days in any given year is at least seventy years of age.

EXISTING LAW:

Provides for a STAR Exemption for seniors on Real Property Tax.

JUSTIFICATION:

Given the rising real property taxes and school taxes across the state, Seniors are unable to keep up with the financial increases. The STAR Exemption is hardly adequate when seniors face double-digit tax increases. The income of most seniors does not increase adequately over time. Small cost of living increases may enhance the seniors' retirement funds but they are certainly eaten up by insurance premiums, medical costs and utilities.

LEGISLATIVE HISTORY:

2011-12: A400 Referred to Real Property Taxation 2009-10: A1149 Referred to Real Property Taxation 2007-08: A1230 Referred to Aging 2005-06: A9294 Referred to Aging

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 6760 IN SENATE March 6, 2014 ___________
Introduced by Sen. KENNEDY -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government 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: Section 1. The real property tax law is amended by adding a new section 497 to read as follows: S 497. LIMITATION OF TAXATION ON CERTAIN SENIORS. 1. THE AMOUNT OF TAXES PAID ON REAL PROPERTY BY QUALIFIED SENIORS IN SUBSEQUENT YEARS, INCLUDING SCHOOL TAXES, SHALL NOT EXCEED THE AMOUNT PAID BY SUCH INDI- VIDUAL IN THE YEAR IN WHICH HE OR SHE TURNS SEVENTY YEARS OF AGE. 2. FOR PURPOSES OF THIS SECTION, A QUALIFIED SENIOR IS AN INDIVIDUAL WHO IS: A. THE OWNER OF THE SUBJECT PROPERTY; AND B. RESIDES AT THE PROPERTY FOR AT LEAST TWO HUNDRED SEVENTY-FOUR DAYS IN ANY GIVEN YEAR; AND C. IS AT LEAST SEVENTY YEARS OF AGE. S 2. This act shall take effect immediately and shall apply to all real property tax assessments occurring on or after such effective date.

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