This bill raises the income limit for senior citizens (62+) and disabled residents to qualify for property tax abatements under New York's real property tax law. It increases the maximum combined household income from $50,000 to $75,000 for both groups, effective July 1, 2025. The change directly affects seniors and disabled residents whose household income falls below this new threshold, allowing them to maintain tax abatements they previously lost at higher income levels. The bill amends existing tax law provisions to adjust these income limits annually, with the $75,000 standard replacing the prior $50,000 limit.
This bill sets a maximum 16% annual interest rate and a minimum 2% annual interest rate on late payments for residential property taxes, replacing higher local rates. It applies to residential properties including condos and co-ops, but excludes vacant and abandoned properties listed on a statewide registry. The interest rate will be tied to the prime rate (as defined by the commissioner), with the initial rate based on 2026 data and updated every five years. This limits how much interest homeowners can be charged on overdue residential tax bills, ensuring rates stay within the 2%-16% range.
Relates to the collection of monies owed for unpaid real property tax liens and water and sewer charges; establishes the homeowner protection fund; prohibits municipalities from conveying tax liens on real property to any private entity, trust, or third-party servicer; repeals certain provisions relating to foreclosure of real property tax liens.
S 1147 creates a new tax credit for New York City residents (population over 1 million) who own or rent their primary home. The credit reduces state tax liability based on a portion of property taxes paid, after subtracting a threshold amount tied to household income. Eligibility requires living in the home for six+ months, meeting income limits, and filing state taxes. The credit applies only to property taxes on primary residences within NYC, with specific definitions for household income and tax calculations.
Provides for direct-pay tax abatement credits for solar electric generating systems and electric energy storage systems in connection with eligible buildings; provides such eligible properties shall include: 501(c)(3) corporations, associations, organizations or trusts and income-restricted affordable housing properties.
Implements automatic enrollment for the tax abatement program for rent-controlled and rent-regulated property occupied by senior citizens; provides for a check box for a taxpayer to opt-out of data sharing and automatic enrollment on their tax return.
Authorizes application of the property tax abatement for rent-controlled or rent regulated properties occupied by senior citizens or disabled persons, to those units occupied by tenants paying the maximum allowable rent when such rent exceeds 1/2 of the household income; provides for state payments to cities affected thereby equal to 10% of lost real property tax revenue.
Increases the maximum qualifying income for the senior citizen homeowner's exemption and the disabled homeowner's exemption to $70,000 in the city of New York.
Bill S 7964 aims to encourage the cleanup and redevelopment of certain contaminated "Brownfield" sites by offering enhanced tax credits. It increases the maximum tangible property tax credit for projects on these sites, especially for a new category called "qualified project sites." To qualify for these higher incentives, a project must meet several criteria, including being in a city with a population under 100,000, located near public transportation, and incorporating a minimum percentage of affordable housing units. Additionally, these "qualified project sites" must have a total value exceeding $250 million, and remediation construction work on them will be subject to prevailing wage requirements, with an allowance for project labor agreements.
Establishes the "first-time homebuyer tax credit act"; provides that a qualified taxpayer shall be allowed a credit against the taxes imposed by this article for taxes levied on the taxpayer's primary residence by or on behalf of any county, city, town, village, or school district in which such property is located.
