Bill > S04586

This bill allows cities with a population of one million or more to provide a real property tax freeze for qualifying homeowners who are 65 years or older. The tax freeze applies to one, two, or three-family residences, farm dwellings, and residential properties in condominium or cooperative ownership. Applicants must have a total annual income not exceeding $58,400, which includes income sources like social security, retirement benefits, interest, dividends, and earnings, but excludes gifts and inheritances. The tax amount will be frozen at the time of application and will accrue as a lien against the property, which can be removed by paying the cumulative amount. For married couples, the tax freeze continues if the surviving spouse is at least 62 years old. The freeze period ends when no eligible persons remain in the property or if the beneficiary fails to reapply, with the city required to send a 60-day notice before the annual reapplication deadline. Applicants who submit false statements can be fined up to $100 and disqualified from future tax freezes for five years. The law will take effect 180 days after becoming law, and individuals already 65 or older can apply based on the tax year preceding the law's effective date.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S4586