NY State Senate Bill 2009-S4501

Senate Bill S4501

2009-2010 Legislative Session

Grants a tax deferment for persons sixty-five years of age or older who own and occupy real property in N.Y. city

download bill text pdf

Archive: Last Bill Status - In Senate Committee Aging Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 06, 2010	referred to aging
Apr 24, 2009	referred to aging

2009-S4501 (ACTIVE) - Details

See Assembly Version of this Bill:: A5323
Current Committee:: Senate Aging
Law Section:: Real Property Tax Law
Laws Affected:: Add §467-g, RPT L
Versions Introduced in Other Legislative Sessions:: 2011-2012: S3047, A3393
2013-2014: A3683

2009-S4501 (ACTIVE) - Summary

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

2009-S4501 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S4501

 TITLE OF BILL :  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

 PURPOSE OR GENERAL IDEA OF BILL : To allow seniors to remain in their
homes as the value of the property continues to rise.

 JUSTIFICATION : Cities with a population of million or more will
continue to experience a population growth.. Affordable housing in
these metropolitan areas will be problematic as the demand for it
increases. The value of real property will swell, and as a result, the
taxes. Seniors are particularly vulnerable to shifts in the housing
market. This bill would shield seniors from an increase in real
property taxes by deferring the annual increase. The state would
receive the difference in the annual increase, without interest, once
the home is sold or when the senior resident passes away. The senior
would continue to pay the same real property tax they paid when this
bill is enacted, allowing them to maintain their budget in light of
uncontrollable market forces. The increases in real property tax would
be deferred not the entire tax.

Also, by allowing seniors to remain in their homes, they can maintain
important ties to the community, family and friends they developed

over decades of occupancy. The prospect of moving away from these
long-term support networks (family, friends, caregivers, etc.) can be
devastating to seniors. Seniors are sustained by a strong sense of
place and familiarity with certain locations.  Also, seniors tend to
live in older buildings that often require repairs. Old houses in
cities occupied by the elderly are more likely to have physical
problems than newer houses. By deferring the increase in real property
tax, seniors will be able to maintain their homes and a safe living
environment.

Also, the recent rise in fuel costs is another example of an
unforeseen situation that seniors had to face this winter. Many
seniors live on a fixed income and cannot afford a healthy standard of
living when faced with these circumstances. This deferment will ease
some financial stress.

In conclusion, the tax deferment for seniors will not result in a
monetary loss for the state. The tax deferment will help seniors to
remain in the home they spent their professional lives paying for and
to live there with dignity.

 PRIOR LEGISLATIVE HISTORY : A6480 (2008). A11822 of 2006

 FISCAL IMPLICATIONS : Undetermined.

 EFFECTIVE DATE : This act shall take effect on the one hundred
eightieth day after it shall become a law.

2009-S4501 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4501

                       2009-2010 Regular Sessions

                            I N  S E N A T E

                             April 24, 2009
                               ___________

Introduced  by  Sen.  KRUGER -- 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:

  Section  1.  The  real  property  tax  law  is amended by adding a new
section 467-g to read as follows:
  S 467-G. DEFERRAL OF REAL PROPERTY TAX FOR PERSONS SIXTY-FIVE YEARS OF
AGE OR OLDER RESIDING IN A CITY HAVING A POPULATION OF  ONE  MILLION  OR
MORE  PERSONS.  1.  (A)  ANY CITY OF ONE MILLION OR MORE PERSONS MAY, BY
LOCAL LAW, GRANT A TAX DEFERMENT FOR REAL PROPERTY OWNED AND OCCUPIED BY
ONE OR MORE PERSONS, EACH OF WHOM IS SIXTY-FIVE YEARS OF AGE  OR  OLDER,
OR  REAL PROPERTY OWNED AND OCCUPIED BY HUSBAND AND WIFE OR BY SIBLINGS,
ONE OF WHOM IS SIXTY-FIVE YEARS OF AGE OR OLDER. FOR  PURPOSES  OF  THIS
SECTION,  "SIBLING"  SHALL  MEAN  A BROTHER OR A SISTER, WHETHER RELATED
THROUGH HALF BLOOD, WHOLE BLOOD OR ADOPTION.
  (B) APPLICATION FOR SUCH DEFERMENT SHALL BE MADE ANNUALLY BY THE OWNER
OR OWNERS OF SUCH REAL PROPERTY. NO APPLICATION FOR SUCH DEFERMENT SHALL
BE GRANTED TO ANY OWNER WITH A TOTAL  INCOME  EXCEEDING  FIFTY  THOUSAND
DOLLARS.  FOR  PURPOSES  OF  THIS SECTION, "INCOME" SHALL MEAN THE GROSS
INCOME OF THE OWNER OR OWNERS OF SUCH PROPERTY FOR THE INCOME  TAX  YEAR
IMMEDIATELY  PRECEDING  THE  DATE  OF APPLICATION FOR SUCH DEFERMENT AND
SHALL INCLUDE SOCIAL SECURITY AND RETIREMENT BENEFITS,  INTEREST,  DIVI-
DENDS, TOTAL GAIN FROM THE SALE OR EXCHANGE OF A CAPITAL ASSET WHICH MAY
BE  OFFSET BY A LOSS FROM THE SALE OR EXCHANGE OF A CAPITAL ASSET IN THE
SAME INCOME TAX YEAR, NET RENTAL INCOME, EARNED INCOME  FROM  SALARY  OR
EARNINGS  AND  NET  INCOME FROM SELF-EMPLOYMENT, BUT SHALL NOT INCLUDE A
RETURN OF CAPITAL, GIFTS OR INHERITANCES. THE AGE OF EACH OWNER OF  SUCH

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07200-01-9

S. 4501                             2

PROPERTY  SHALL  BE  THE  AGE  OF SUCH PERSON AT THE COMMENCEMENT OF THE
CITY'S FISCAL YEAR FOR WHICH AN APPLICATION FOR TAX DEFERMENT IS MADE.
  2.  SUCH  DEFERMENT  SHALL EQUAL THE TOTAL PER CENTUM OF THE DEFERMENT
BASE. FOR PURPOSES OF THIS SECTION,  "DEFERMENT  BASE"  SHALL  MEAN  THE
INCREASE  IN  REAL  PROPERTY  TAX  ATTRIBUTABLE  TO  THE INCREASE IN THE
ASSESSED VALUE OF SUCH PROPERTY FROM THE TAX YEAR IMMEDIATELY  PRECEDING
THE YEAR IN WHICH SUCH PERSON REACHED THE AGE OF SIXTY-FIVE YEARS TO THE
TAX YEAR FOR WHICH AN APPLICATION FOR TAX DEFERMENT IS MADE.
  3.  THE  AMOUNT  OF  TAXES  DEFERRED SHALL ACCRUE AGAINST SUCH PERSON,
WITHOUT INTEREST, AND SHALL, ON THE  DATE  SUCH  DEFERMENT  IS  GRANTED,
CONSTITUTE  A  LIEN  AGAINST  SUCH  PROPERTY IN FAVOR OF THE APPROPRIATE
MUNICIPAL CORPORATION. THE OWNER OR  OWNERS  OF  SUCH  PROPERTY,  HAVING
RECEIVED  SUCH  DEFERMENT  PURSUANT  TO  THIS SECTION, MAY, AT ANY TIME,
TERMINATE THE DEFERMENT AND REMOVE THE RESULTANT LIEN ON  SAID  PROPERTY
BY PAYING IN FULL THE CUMULATIVE AMOUNT OF SUCH LIEN.
  4.  A  TAX  DEFERMENT  GRANTED  TO A HUSBAND AND WIFE PURSUANT TO THIS
SECTION, ONCE GRANTED, SHALL NOT BE  RESCINDED  SOLELY  BECAUSE  OF  THE
DEATH  OF  THE  OLDER SPOUSE SO LONG AS THE SURVIVING SPOUSE IS AT LEAST
SIXTY-TWO YEARS OF AGE. IN THE EVENT THAT THE SURVIVING SPOUSE  IS  LESS
THAN SIXTY-TWO YEARS OF AGE, SUCH SURVIVING SPOUSE SHALL BE ELIGIBLE FOR
THE  TAX  DEFERMENT  UPON  REACHING  SIXTY-TWO YEARS OF AGE PROVIDED ALL
OTHER ELIGIBILITY REQUIREMENTS ARE MET.
  5. ANY PERSON WHO HAS ALREADY ATTAINED THE AGE OF SIXTY-FIVE YEARS  OR
OLDER  IS  ELIGIBLE  FOR  SUCH  DEFERRAL  AND SHALL BE ENTITLED TO A TAX
DEFERMENT BASED ON THE TAX YEAR IMMEDIATELY PRECEDING THE EFFECTIVE DATE
OF THIS SECTION.
  S 2. This act shall take effect on the one hundred eightieth day after
it shall have become a law.

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