NY S04586

Authorizes cities with populations of one million or more (New York City) to adopt a real property tax freeze for homeowners aged 65 or older, including spouses or siblings where at least one is 65+

Applies to one, two, or three family residences, farm dwellings, condominiums, and cooperatives, with income eligibility capped at $58,400 gross annual income

Freezes property taxes at the amount payable when the application is approved, with the difference accruing as a lien against the property (without interest) to be paid when the freeze ends

Surviving spouses aged 62 or older may continue the freeze after the death of the qualifying spouse; the freeze expires when no eligible person remains or fails to reapply

Making willful false statements on the application is punishable by a fine up to $100 and disqualification from the program for five years