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History
- Print number 5409a
- Amend and recommit to aging
- Referred to aging
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.1043
- Referred to aging
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5409A
Title of bill
An act to amend the real property tax law, in relation to allowing municipalities to pass a local law granting a tax deferment for persons sixty-five years of age or older
Purpose
To allow municipalities the ability to grant real property tax deferment for seniors.
Summary of provisions
Section 1 adds a new section 467-h to the real property tax law to allow a county, city, town, or village to adopt a local law granting tax deferment to persons 65 years or older, after holding a public hearing. Provisions of the tax deferment are as follows:
* establishes the criteria for the tax deferment eligibility. It is available for property owners who are each 65 years of age or older, or siblings and spouses, in which one party is at least 65 years of age. Should the of age spouse pass away, the deferment will not be rescinded if the surviving spouse is as least 62 years of age.
* Applicants for tax deferment must reapply annually, and not exceed a gross income of $70,000 per year
* The deferment must equal 75% of the applicant's tax obligation
* The amount of taxes deferred will accrue 3 interest rate, and will constitute a lien on the property; the applicant can cancel the deferment at any time
Section 2 establishes an effective date.
Justification
Seniors on fixed incomes often face the difficult task of paying for their necessities, and must sometimes choose between paying for food, medications, or their property taxes. With the changing and rising costs of real property tax, some seniors may be unable to immediately pay, and risk losing their homes. This poses a serious problem for not only seniors, but also neighbors and municipalities, who may face declining property values due to an increase in foreclosed homes in the area.
This legislation allows municipalities the option of deferring tax payments for seniors who are on a fixed income, allowing seniors to remain in their homes, and keeping communities stable and intact.
Legislative history
None.
Fiscal & local implications
None.
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.