NY S06268

Municipalities may grant a real property assessment freeze and property tax freeze for qualifying residential properties owned and occupied by persons age 65 or older, or by married couples or siblings where at least one is age 65 or older.

Qualifying property includes one to three family residences, farm dwellings, and residential condominiums or cooperatives in New York State; applicants must have total annual income not exceeding $58,400.

Property taxes freeze at the amount payable when the application is made, and the assessed value remains frozen regardless of future property value changes, with frozen amounts accruing as a lien against the property without interest.

Freezes expire when no eligible person remains on the property, the owner fails to reapply annually (with 60-day notice required), or if property renovations increase cash value by more than $10,000 or a municipality-set threshold.

Cities with one million or more residents may extend freezes to children of deceased owners meeting residency and income requirements, and may allow continued freezes during reconstruction after casualty or natural disaster if active construction begins within one year.