Bill Text: NY S01062 | 2019-2020 | General Assembly | Introduced


Bill Title: Grants a tax deferment for persons sixty-five years of age or over who own and occupy real property in a city having a population of one million or more persons.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2019-01-10 - REFERRED TO AGING [S01062 Detail]

Download: New_York-2019-S01062-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
                                          1062
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 10, 2019
                                       ___________
        Introduced  by  Sen. PERSAUD -- read twice and ordered printed, and when
          printed to be committed to the Committee on Aging
        AN ACT to amend the real property tax law, in relation to granting a tax
          deferment for persons sixty-five years of age or older who reside in a
          city having a population of one million or more persons
          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-l to read as follows:
     3    § 467-l. Deferral of real property tax for persons sixty-five years of
     4  age or older residing in a city having a population of  one  million  or
     5  more  persons.  1.  (a)  Any city of one million or more persons may, by
     6  local law, grant a tax deferment for real property owned and occupied by
     7  one or more persons, each of whom is sixty-five years of age  or  older,
     8  or  real property owned and occupied by husband and wife or by siblings,
     9  one of whom is sixty-five years of age or older. For  purposes  of  this
    10  section,  "sibling"  shall  mean  a brother or a sister, whether related
    11  through half blood, whole blood or adoption.
    12    (b) Application for such deferment shall be made annually by the owner
    13  or owners of such real property. No application for such deferment shall
    14  be granted to any owner with a total income exceeding fifty-eight  thou-
    15  sand  four hundred dollars. For purposes of this section, "income" shall
    16  mean the gross income of the owner or owners of such  property  for  the
    17  income  tax  year immediately preceding the date of application for such
    18  deferment and shall include social  security  and  retirement  benefits,
    19  interest,  dividends,  total gain from the sale or exchange of a capital
    20  asset which may be offset by a loss from the sale or exchange of a capi-
    21  tal asset in the same income tax year, net rental income, earned  income
    22  from  salary  or earnings and net income from self-employment, but shall
    23  not include a return of capital, gifts or inheritances. The age of  each
    24  owner  of such property shall be the age of such person at the commence-
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00915-01-9

        S. 1062                             2
     1  ment of the city's fiscal year for which an application for  tax  defer-
     2  ment is made.
     3    2.  Such  deferment  shall equal the total per centum of the deferment
     4  base. For purposes of this section,  "deferment  base"  shall  mean  the
     5  increase  in  real  property  tax  attributable  to  the increase in the
     6  assessed value of such property from the tax year immediately  preceding
     7  the year in which such person reached the age of sixty-five years to the
     8  tax year for which an application for tax deferment is made.
     9    3.  The  amount  of  taxes  deferred shall accrue against such person,
    10  without interest, and shall, on the  date  such  deferment  is  granted,
    11  constitute  a  lien  against  such  property in favor of the appropriate
    12  municipal corporation. The owner or  owners  of  such  property,  having
    13  received  such  deferment  pursuant  to  this section, may, at any time,
    14  terminate the deferment and remove the resultant lien on  said  property
    15  by paying in full the cumulative amount of such lien.
    16    4.  A  tax  deferment  granted  to a husband and wife pursuant to this
    17  section, once granted, shall not be  rescinded  solely  because  of  the
    18  death  of  the  older spouse so long as the surviving spouse is at least
    19  sixty-two years of age. In the event that the surviving spouse  is  less
    20  than sixty-two years of age, such surviving spouse shall be eligible for
    21  the  tax  deferment  upon  reaching  sixty-two years of age provided all
    22  other eligibility requirements are met.
    23    5. Any person who has already attained the age of sixty-five years  or
    24  older  is  eligible  for  such  deferral  and shall be entitled to a tax
    25  deferment based on the tax year immediately preceding the effective date
    26  of this section.
    27    § 2. This act shall take effect on the one hundred eightieth day after
    28  it shall have become a law.
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