What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- 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.
Makes real property tax deferments available to senior citizens; provides for liens and funding thereof
In Senate Committee · Aging · Sponsor José Peralta
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, the local finance law and the insurance law, in relation to granting tax deferments to senior citizens in certain cases
Purpose
It would allow an owner of a residential property of a 1 or 2 family home or co-op or condominium that is the prime residence of the owner who is 65 years old and has less than $5,000 earned income or $25,000 gross income to defer all property taxes.
Summary of provisions
The deferred taxes would be taken as a lien on the property, and on transfer of title or the fact that the owner is no longer a prime or actual resident 85% of the year the municipality would collect the back taxes plus interest that would be calculated year to year at Moody's Average for commercial prime rate loans. The maximum lien to be no more than 80% of the actual market value of the property. Amends the real property tax law, the local finance law and the insurance law in relation to tax deferments.
Justification
Many senior citizens who purchased homes find that with the increased value of their homes from year to year that their taxes are also increased. This has caused some seniors to have to sell their homes simply because they could not afford the taxes, even though the home is owned outright. This would allow the seniors to stay in their home with the tax deferment.
Legislative history
This is a new bill.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the one hundred eightieth day after it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.