Provides for a real property tax cap for persons over 70 years of age

6 Co-sponsors

• Charles J. Fuschillo Jr.
• William J. Larkin Jr.
• Tom Libous
• Frank Padavan
• Dean G. Skelos
• Catharine Young

Title of bill

An act to amend the real property tax law, in relation to a real property tax cap for persons over seventy years of age

Summary of provisions

Section 1 adds a new section 467-g to the Real property Tax r:;,w. This section creates a tax cap for property owned by persons over the age of seventy who meet certain criteria, at the option of any municipal corporation, including school districts, who adopt this cap, after public hearing, by local law , ordinance or resolution. In order to be eligible for such tax cap, certain criteria must be met, including that the combined incomes of the owners, defined as the aggregate gross income as would be filed on a federal income tax return, must not exceed $70,000; property must have been owned, as defined in the bill, for at least 36 months; must be the residence, as defined in the bill, of the applicant. Homeowners must reapply for the cap each year.

The bill sets out additional requirements for municipalities including notice requirements, annual reminder notices and third party notification.

Section 2 provides that this act shall take effect on the first of February next succeeding the date on which it shall have become a law and shall apply to assessment rolls prepared on the basis of taxable status occurring on or after such date.

Purpose and justification

Property taxes are an ever-increasing problem for many senior homeowners. Owners on reduced fixed incomes and social security fear that real property tax increases will force them out of their homes. This bill will give give such senior citizens assurance that they will know that their taxes will not increase above the level that they can afford when their income levels are no longer increasing.

Prior legislative history

2006 - S.7694/A.11837 -- RULES/Aging 2007 - S.2322/A.3776 -- PASSED SENATE/Aging 2008 - S.2322-A/A.3776-A - RULES/Aging

Fiscal implications

None to state. This tax cap is optional for municipal corporations.

Effective date

This act shall take effect on the first of February next succeeding the date on which it shall have become a law and shall apply to assessment rolls prepared on the basis of taxable status dates occurring on or after such date.