In New York State, this specific offense involves knowingly possessing stolen property with a value below $1,000. For example, someone knowingly retaining a stolen bicycle worth $500 could face this charge. The “fifth degree” designation signifies its place within the hierarchy of property-related crimes, indicating a less severe offense compared to higher degrees involving greater property values or other aggravating factors.
This legal distinction serves to categorize offenses and tailor penalties appropriately. Its presence in the legal code helps protect individuals from property theft and establishes a framework for restitution and justice. The historical development of such laws reflects a societal interest in safeguarding property rights and deterring theft. By defining and addressing this specific level of offense, the legal system aims to create a more just and equitable society for all.