What's happening
This bill limits property taxes for seniors age 65 and older so they do not exceed the amount paid at age 65.
Why it matters
Creates a predictable property tax burden for seniors. , allowing them to budget more confidently for housing costs as their taxes can no longer increase after age 65, regardless of changes in property values or tax rates.
Includes school taxes in the cap. , meaning seniors will not face rising school levies, which in many areas are a major part of the property tax bill and frequently subject to voter-approved increases.
Restricts eligibility to seniors who both own and primarily live in their home. , preventing the benefit from applying to investment properties or second homes, and ensuring it targets long-term, resident seniors.
May shift tax pressures to other property owners or reduce local government revenue growth. , as fixed senior tax bills could result in higher taxes for non-seniors or less funding for public services unless addressed by broader tax policy changes.
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Who cares
Headline styles
Cap Senior Property Taxes
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
History
- Referred to aging
- Referred to aging
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2713
2019-2020 Regular Sessions
IN SENATE
January 29, 2019
Introduced by Sens. KENNEDY, CARLUCCI, MAYER -- read twice and ordered printed, and when printed to be committed to the Committee on Aging
AN ACT to amend the real property tax law, in relation to the limitation of taxation on certain seniors
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The real property tax law is amended by adding a new section 497 to read as follows:
§ 497. Limitation of taxation on certain seniors. 1. The amount of taxes paid on real property by qualified seniors in subsequent years, including school taxes, shall not exceed the amount paid by such individual in the year in which he or she turns sixty-five years of age.
2. For purposes of this section, a qualified senior is an individual who is:
a. the owner of the subject property; and
b. resides at the property for at least two hundred seventy-four days in any given year; and
c. is at least sixty-five years of age.
§ 2. This act shall take effect immediately and shall apply to all real property tax assessments occurring on or after such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04276-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to the limitation of taxation on certain seniors
Purpose
Caps the amount of taxes a senior has to pay on his or her real property at the amount such individual paid in the year in which he or she turned 65.
Summary of provision
Section one amends the real property tax law by adding new Section 497 to state that the amount of taxes paid on real property by qualified seniors in subsequent years, including school taxes, shall not exceed the amount paid by the individual in the year in which the senior turns sixty-five years of age.
Section two sets the effective date.
Existing law
Provides for a STAR Exemption for seniors on Real Property Tax.
Justification
Given the rising real property taxes and school taxes across the state, seniors are unable to keep up with the financial increases. The STAR Exemption is hardly adequate when seniors face double-digit tax increases. The income of most seniors does not increase adequately over time. Small cost of living increases may enhance the seniors' retirement funds but they are certainly eaten up by insurance premiums, medical costs and utilities.
Legislative history
2017-18: S.9042 Referred to Rules
Fiscal implications
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.