New York A 7872: Caps property taxes paid on primary residences by persons over sixty-five

Bill Text

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A07872 Summary:

BILL NOA07872 

&nbsp

SAME ASNo Same As

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SPONSORAlvarez

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COSPNSRShrestha

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MLTSPNSR

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Add §467-o, RPT L

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Caps the amount of real property taxes required to be paid on primary residences by persons over sixty-five years of age.

Go to top A07872 Actions:

BILL NOA07872 

&nbsp

04/11/2025referred to real property taxation

01/07/2026referred to real property taxation

Go to topA07872 Committee&nbspVotes:

Go to topA07872 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07872 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7872

 2025-2026 Regular Sessions

 IN ASSEMBLY

 April 11, 2025
 ___________

 Introduced by M. of A. ALVAREZ -- read once and referred to the Commit-
 tee on Real Property Taxation

 AN ACT to amend the real property tax law, in relation to capping prop-
 erty taxes paid on primary residences by persons over sixty-five

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The real property tax law is amended by adding a new
 2 section 467-o to read as follows:
 3 § 467-o. Freeze for persons sixty-five years of age or over. 1. Real
 4 property owned by one or more persons, each of whom is sixty-five years
 5 of age or over, or real property owned by a married couple, a couple in
 6 a domestic partnership, or by siblings, one of whom is sixty-five years
 7 of age or over, or real property owned by one or more persons, some of
 8 whom qualify under this section and the others of whom qualify under
 9 section four hundred fifty-nine-c of this title, shall be exempt from
 10 payment in lieu of taxes or from taxation by any municipal corporation
 11 in which located to the extent beyond the rate which such person was
 12 assessed or obligated to pay for the tax year during which such person
 13 attained sixty-five years of age. For the purposes of this section, the
 14 term "sibling" shall include persons whose relationship as siblings has
 15 been established through either half blood, whole blood or adoption.
 16 2. Exemption from taxation for school purposes shall not be granted in
 17 the case of real property where a child resides if such child attends a
 18 public school of elementary or secondary education, unless the governing
 19 board of the school district in which the property is located, after
 20 public hearing, adopts a resolution providing for such exemption;
 21 provided that any such resolution shall condition such exemption upon
 22 satisfactory proof that the child was not brought into the residence in
 23 whole or in substantial part for the purpose of attending a particular
 24 school within the district.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD11469-01-5

 A. 7872 2

 1 3. In order to qualify for an exemption under this section, a person
 2 must:
 3 (a) be sixty-five years of age or older;
 4 (b) own or jointly own a single-family residence or the equivalent of
 5 a single-family residence in a multiple dwelling, including multiple-fa-
 6 mily homes, apartments, co-operative apartments, and condominiums; and
 7 (c) reside in and declare such residence as such person's primary
 8 residence for personal income tax purposes for the same year.
 9 4. (a) Eligibility or relief under this section shall not be construed
 10 as ineligibility for relief for a school tax relief (STAR) exemption
 11 pursuant to section four hundred twenty-five of this title, in accord-
 12 ance with subdivision two of this section.
 13 (b) If, prior to attaining the age of sixty-five, a taxpayer is eligi-
 14 ble for other relief under this chapter, once such person reaches the
 15 age of sixty-five, the rate of tax assessed pursuant to this section
 16 shall be equal to such person's tax obligation the year they attain
 17 sixty-five years of age once all granted relief is deducted.
 18 (c) Additional real property tax relief for which a taxpayer is eligi-
 19 ble may be granted after such person reaches the age of sixty-five.
 20 (d) Individuals who have moved their primary residence or who had
 21 already attained sixty-five years of age prior to the effective date of
 22 thi