Bill > A07872

This bill creates a property tax freeze for homeowners aged 65 and older, designed to limit their property tax increases. Specifically, the bill allows eligible property owners (those 65 or older, or married/partnered couples or siblings where at least one person is 65+) to have their property tax rate permanently capped at the level they were paying when they turned 65. To qualify, individuals must own a single-family residence or equivalent (like an apartment or condo), use it as their primary residence, and declare it as such for income tax purposes. The bill includes provisions to ensure this tax relief does not conflict with existing tax relief programs like the STAR exemption. The exemption remains valid as long as the original owner maintains ownership and primary residence, and can be transferred to a spouse, domestic partner, or sibling who is at least 62 years old. There's also a specific clause preventing families from moving into a school district primarily to take advantage of the tax exemption, which requires school district approval and verification. The law will take effect on the first of January following its passage and will apply to assessment rolls prepared after that date.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7872