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History
- Referred to aging
- Referred to aging
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides for imposition of fixed real property assessed value on residential property owned by persons 65 or older and having a combined income of $100,000 or less
In Assembly Committee · Real Property Taxation · Sponsor Timothy P. Gordon
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to providing for a fixed real property assessed value for residential real property owned by certain persons sixty-five years of age or older, and providing state reimbursement to municipalities for lost real property tax revenue
Purpose
To provide a freeze in the assessed value of real property owned by individuals over the age of sixty five.
Summary of provisions
Section 1-adds a new section 431 to the real property tax law providing for a fixed real property assessed value for persons sixty five years of age or older who have owned and occupied their primary residence for ten or more years and who have an income of less than $100,000 and whose real property taxes on said property exceed six percent of their income. Eligible participants would apply annually with their assessor to participate in this program by completing a form developed by the Office of Real Property Services. The assessor is charged with notifying all real property owners within their assessing units of this program.
Section 2-adds a new section 901 to the real property tax law providing for the method of computing the tax levy. The assessor shall provide a statement on the tax bill stating "Your tax savings this year resulting from the fixed real property assessed value is $__". The local assessing unit affected by this freeze in assessed value shall make application to the state for reimbursement for the loss in property tax revenue.
Section 3-contains the effective date.
Justification
In the past few years, real estate has increased in value at a rapid rate. Home values have increased tremendously resulting in higher local property tax bills. It has become more and more difficult especially for seniors to remain in their homes and pay these higher tax bills. This legislation would provide a freeze in assessed value for homeowners age 65 or older who have owned and lived in their home for 10 years or more. The homeowner would make application to their local assessor to benefit from this program. This legislation does not shift the loss in tax revenue to the other residents in the community. Instead, this bill directs the state to compensate the local government for the difference between the assessed value freeze and the current assessed value.
Legislative history
2007/08: S.1055-A Finance/A.10930 Real Property Taxation 2005/06: S.2846-Finance
Fiscal implications
To be determined.
Local fiscal implications
Minimal.
Effective date
This act shall take effect immediately and shall apply to real property with a taxable status date after such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.