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NY S05409
Bill
Status
Introduced
5/16/2013
Primary Sponsor
Terry Gipson
Click for details
AI Summary
- Municipalities may adopt local laws allowing property tax deferment for owners aged 65 or older, or spouses/siblings with one member aged 65 or older
- Deferment applies only to owner-occupied residential property and requires annual application with a maximum total income limit of $70,000
- Deferred taxes equal 75% of the applicant's tax obligation and accrue as a lien against the property with a 3% annual interest rate
- Tax deferment for married couples continues after the death of the older spouse if the surviving spouse is at least 62 years old
- Act takes effect 180 days after becoming law
Legislative Description
Allows municipalities to pass local laws granting a real property tax deferment to seniors.
Last Action
PRINT NUMBER 5409A
1/29/2014
Committee Referrals
Aging1/8/2014
Rules6/21/2013
Aging5/16/2013
Full Bill Text
No bill text available