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NY A08484
Bill
Status
11/17/2021
Primary Sponsor
Steven Englebright
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AI Summary
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Creates a property tax freeze for owners age 65 or older whose combined household income does not exceed $32,000 in the preceding tax year, provided the municipality adopts a local law authorizing the freeze.
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Requires the property to be the owner's primary residence used exclusively for residential purposes and owned continuously for at least 24 months prior to application, with exceptions for spousal transfers and inherited properties.
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Mandates municipalities adopting the freeze notify residential property owners of eligibility through tax bill notices that include contact information and application deadlines.
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Freezes property taxes at the amount due when the application is filed, preventing increases despite future property value assessments.
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Prohibits municipalities from offering both a tax freeze under this section and the existing senior citizen tax exemption under section 467, requiring them to choose one program.
Legislative Description
Allows a freeze to be placed upon real property taxes assessed against persons 65 years of age or older having earnings of not more than $32,000 and who have held title to the property for at least two years prior to making an application; requires county to provide notification of those provisions; requires each governing board of any municipal corporation to notify each person owning residential property.
Last Action
referred to real property taxation
1/5/2022