New York S 4586: Permits a real property tax freeze to be granted to certain persons sixty-five years of age or older

Bill Text

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S04586 Summary:

BILL NOS04586 

&nbsp

SAME ASSAME AS A04567-A

&nbsp

SPONSORPERSAUD

&nbsp

COSPNSRMYRIE

&nbsp

MLTSPNSR

&nbsp

Add §467-o, RPT L

&nbsp

Permits persons sixty-five years of age or older to be granted a real property tax freeze in a city with a population of one million or more.

Go to top S04586 Actions:

BILL NOS04586 

&nbsp

02/07/2025REFERRED TO LOCAL GOVERNMENT

01/07/2026REFERRED TO LOCAL GOVERNMENT

Go to topS04586 Committee&nbspVotes:

Go to topS04586 Floor&nbspVotes:

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

Go to topS04586 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4586

 2025-2026 Regular Sessions

 IN SENATE

 February 7, 2025
 ___________

 Introduced by Sen. PERSAUD -- read twice and ordered printed, and when
 printed to be committed to the Committee on Local Government

 AN ACT to amend the real property tax law, in relation to permitting
 persons sixty-five years of age or older to be granted a real property
 tax freeze in a city with a population of one million or more

 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. Real property tax freeze for persons sixty-five years of age
 4 or older. 1. (a) The governing board of any city having a population of
 5 one million or more may, by local law, ordinance or resolution grant a
 6 real property tax freeze for qualifying real property owned and occupied
 7 by one or more persons, each of whom is sixty-five years of age or
 8 older, or qualifying real property owned and occupied by spouses or by
 9 siblings, one of whom is sixty-five years of age or older. For purposes
 10 of this section, "sibling" shall mean any sibling, whether related
 11 through half blood, whole blood or adoption.
 12 (b) For the purposes of this section, "qualifying real property" shall
 13 mean a one, two or three family residence, a farm dwelling or residen-
 14 tial property held in a condominium or cooperative form of ownership and
 15 located in this state. If the property is not an eligible type of prop-
 16 erty, but a portion of the property is partially used by the owner as a
 17 primary residence, that portion which is so used shall be entitled to
 18 the real property tax freeze provided by this section; provided that in
 19 no event shall the taxes for such property be frozen in an amount that
 20 exceeds the assessed value attributable to that portion. The primary
 21 residence and occupancy requirement shall be waived if the qualifying
 22 person or persons are absent from the property due to medical reasons or
 23 institutionalization.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD08048-03-5

 S. 4586 2

 1 (c) Application for a real property tax freeze shall be made annually
 2 to the city by the owner or owners of such real property. No application
 3 for such real property tax freeze shall be granted to any owner with a
 4 total income exceeding fifty-eight thousand four hundred dollars. For
 5 purposes of this section, "income" shall mean the gross income of the
 6 owner or owners of such property for the income tax year immediately
 7 preceding the date of application for such real property tax freeze and
 8 shall include social security and retirement benefits, interest, divi-
 9 dends, total gain from the sale or exchange of a capital asset which may
 10 be offset by a loss from the sale or exchange of a capital asset in the
 11 same income tax year, net rental income, earned income from salary or
 12 earnings and net income from self-employment, but shall not include a
 13 return of capital, gifts or inheritances. The age of each owner of such
 14 property shall be the age of such person at the commencement of the
 15 city's fiscal year for which an application for such real property tax
 16 freeze is made.
 17 2. Qualifying real property taxes shall be frozen in the amounts paya-
 18 ble at the time such application for a property tax freeze is made.
 19 3. The amount of property taxes that are frozen shall accrue against
 20 such person, without interest, and shall, on th