NY S03047

Cities with populations of one million or more may grant annual tax deferrals to owners age 65+ or to married couples/siblings with at least one person age 65+, if total household income does not exceed $50,000.

Income includes Social Security, retirement benefits, interest, dividends, capital gains, rental income, and self-employment income, but excludes gifts, inheritances, and return of capital.

Tax deferral equals the increase in property taxes resulting from assessed value increases since the year the owner turned 65, with deferred amounts accruing without interest as a lien against the property.

Surviving spouses may continue deferrals after the death of an older spouse if age 62 or older, or become eligible upon reaching age 62 if younger.

Property owners may terminate deferrals at any time by paying the full accumulated lien amount, and persons already age 65+ as of the bill's effective date are immediately eligible based on the prior tax year.