NY S00103

Allows cities with populations of one million or more to grant real property tax deferments to owners age 65 and older who occupy one, two, or three family residences, farms, condominiums, or cooperatives.

Eligibility requires annual application and total income not exceeding $58,400, with income defined as gross income from the prior tax year including Social Security, retirement benefits, interest, dividends, capital gains, rental income, and self-employment income.

Deferment amount equals the increase in property taxes from the tax year when the owner turned 65 to the current tax year for which deferment is requested.

Deferred taxes accrue without interest and create a municipal lien against the property; owners may pay the cumulative lien amount at any time to terminate the deferment.

Surviving spouses age 62 or older retain the deferment if the older spouse dies; deferment expires when no eligible person remains on the property or the beneficiary fails to reapply after receiving 60-day notice.