Bill > A07573

This bill allows municipalities to implement a real property tax freeze for homeowners who are 65 years of age or older, with several key provisions. The tax freeze applies to various residential property types including one, two, or three-family residences, farm dwellings, and residential properties in condominiums or cooperative ownership. Owners must apply annually, and their age is determined at the start of the municipality's fiscal year. The tax amount will be frozen at the level when the application is first approved. The bill includes protections for surviving spouses, allowing a tax freeze to continue if the surviving spouse is at least 62 years old, and provides a path to continued eligibility when the surviving spouse reaches 62. Importantly, any person already 65 or older can apply for the freeze retroactively to the previous tax year. The municipality must provide a 60-day notice before the annual reapplication deadline, and making a false statement in the application can result in a fine and disqualification from future tax freezes for five years. The legislation will take effect 180 days after becoming law, giving municipalities time to establish the necessary procedures for implementation.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7573