Provides that the real property tax assessment on property owned by a person 70 years of age or older may be capped at last year's assessment

1 Co-sponsor

• Robert Castelli

BILL NUMBER:A10757

Title of bill

An act to amend the real property tax law, in relation to capping real property assessments for persons seventy years of age or more

Purpose or general idea of bill

To provide an option to municipalities to cap the assessed valuation of a property owned by a senior citizen 70 years of age or older for the purposes of property tax assessments for the years following the enactment of this bill.

Summary of specific provisions

Section 1 adds a new section 467-g to the real property tax law by creating a local option to allow munici- palities to permit homeowners seventy years of age or older with an annual income of less than S 100,000 to hold their real property tax assessment at the same level as the valuation of the previous year from the enactment of this bill.

Section 2 provides for an effective date.

Justification

On of the most pressing issues facing homeowners in New York State is the issue of property taxes. The property tax burden in New York State is among the highest in the nation. In many cases, senior citizens have the most equity in their houses because they have been in them for long periods of time and often own them outright. Furthermore, the dramatic increases in assessed property values coupled with the increase in local government budgets have put significant pressures on homeowners to pay higher property taxes.

This is felt most dramatically by seniors who live on a fixed income and cannot easily adapt to fluctuations in their property tax bill as easily as other homeowners. What this bill would do is that it would cap the assessed valuation of the property at the rate of the year prior to the enactment of this bill to provide seniors with relief from property taxes in the future. The burden to reduce property taxes is shared by the state and municipalities and the state would allow local governments through an "opt-in" program to allow assessed values to remain constant for people 70+, which will make their expenses more predictable and provide much needed relief moving forward.

Prior legislative history

This is a new bill.

Fiscal implications

None to the state. This bill will have an impact on local property taxes should the municipality opt into the program.

Effective date

This act shall take effect 60 days after it shall have become law.