A08155 Summary:

BILL NOA08155
 
SAME ASSAME AS S06268
 
SPONSORCunningham
 
COSPNSRAlvarez, Dickens, Reyes, Stern, Bendett, Chang
 
MLTSPNSR
 
Add §467-m, RPT L
 
Grants a real property assessment freeze and property tax freeze to persons sixty-five years of age or older.
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A08155 Actions:

BILL NOA08155
 
10/13/2023referred to aging
01/03/2024referred to aging
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A08155 Committee Votes:

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A08155 Memo:

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.
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