Bill > A04567

This bill allows cities with a population of one million or more to create a property tax freeze for homeowners who are 65 years or older, with specific eligibility requirements and conditions. Qualifying properties include one, two, or three-family residences, farm dwellings, and residential properties in condominiums or cooperatives. To be eligible, applicants must have a total annual income below $58,400, which includes sources like social security, retirement benefits, interest, dividends, and rental income. The tax freeze means the property's tax rate will remain constant at the time of application, and the unpaid taxes will accrue as a lien against the property. Spouses can maintain the tax freeze even if one spouse dies, provided the surviving spouse is at least 62 years old. Applicants must apply annually, and the city must send a reminder notice 60 days before the reapplication deadline. If someone makes a false statement on their application, they can be fined up to $100 and disqualified from future tax freezes for five years. The bill will take effect 180 days after becoming law, and homeowners who are already 65 or older can apply retroactively to the previous tax year.

Health and Social Services

https://www.nysenate.gov/legislation/bills/2025/A4567