NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A8155
SPONSOR: Cunningham TITLE OF BILL:
An act to amend the real property tax law, in relation to granting a
real property assessment freeze and property tax freeze for persons
sixty-five years of age or older
PURPOSE OR GENERAL IDEA OF BILL:
To grant a real property assessment freeze and property tax freeze to
persons sixty-five years of age or older.
SUMMARY OF PROVISIONS:
Section 1 allows a city to grant a tax assessment freeze for certain
children of a deceased owner after they have passed. It also allows such
cities to determine whether an owner remains eligible for the assessment
freeze in the event the real property becomes uninhabitable. It requires
participating cities to post notice of this benefit.
Section 2 states that this act will take effect 180 days after it
becomes law.
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):
N/A
JUSTIFICATION:
When a property owner passes without a will, it can be financially
devastating to surviving offspring in the home, who may not be prepared
to take on the costs of maintaining an inherited home. For offspring who
lived with the deceased owner, the absence of a will can further compli-
cate matters. This bill aims to support low-income inheritors after at
owner passes by allowing cities to grant a property tax freeze to a new
owner after the passing of an older parent who previously received a tax
assessment freeze. By applying for the freeze, new owners can pay lower
property taxes, leaving them with a greater ability 'to make informed
financial decisions.
PRIOR LEGISLATIVE HISTORY:
A previous version of this bill was introduced in the Senate in
2021-2022. (51,03) and referred to Aging. The difference is that this
version grants a tax assessment freeze rather than a tax deferment.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
EFFECTIVE DATE:
This act will take effect 180 days after it shall have become a law.
