NY S01062

Allows cities with populations of one million or more to grant real property tax deferrals to owners age 65 and older, or to married couples or siblings where at least one is age 65 or older.

Applies to one, two, or three family residences, farm dwellings, and residential condominiums or cooperatives; partial deferrals available for properties partially used as primary residence.

Requires annual applications with total household income not exceeding $58,400; income includes social security, retirement benefits, investment income, and self-employment earnings.

Deferment equals the increase in property taxes from the year the owner turned 65 to the current tax year; deferred amounts accrue as a lien against the property without interest.

Surviving spouses age 62 or older retain deferment status after the older spouse's death; deferment period expires when no eligible person remains on the property or beneficiary fails to reapply annually.