S T A T E   O F   N E W   Y O R K
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                                  6638

                            I N  S E N A T E

                            January 21, 2010
                               ___________

Introduced  by  Sen.  MONSERRATE  -- 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, the local finance law and the
  insurance law, in relation to granting tax deferments to senior  citi-
  zens in certain cases

  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  TAXES BY COUNTIES. 1. THE GOVERNING BODY OF A
COUNTY IS AUTHORIZED AND EMPOWERED  TO  ADOPT  AND  AMEND  A  LOCAL  LAW
PROVIDING  FOR DEFERMENT OF REAL PROPERTY TAXES, SPECIAL ASSESSMENTS AND
SPECIAL AD VALOREM LEVIES LEVIED BY EACH MUNICIPAL  CORPORATION  LOCATED
WITHIN  SUCH  COUNTY AGAINST REAL PROPERTY OWNED BY ONE OR MORE PERSONS,
EACH OF WHOM IS SIXTY-FIVE YEARS OF AGE OR OVER, OR REAL PROPERTY  OWNED
BY  HUSBAND  AND  WIFE, ONE OF WHOM IS SIXTY-FIVE YEARS OF AGE OR OLDER.
THE AGE OF EACH OWNER SHALL BE DETERMINED AS OF THE COMMENCEMENT OF  THE
COUNTY  FISCAL  YEAR FOR WHICH AN APPLICATION FOR TAX DEFERMENT IS MADE.
SUCH DEFERMENT SHALL BE IN ADDITION TO ANY REAL PROPERTY TAX  EXEMPTIONS
GRANTED  BY  ANY MUNICIPAL CORPORATION TO A QUALIFIED APPLICANT PURSUANT
TO SECTION FOUR HUNDRED SIXTY-SEVEN OF THIS TITLE.
  2. A. APPLICATION FOR SUCH DEFERMENT SHALL BE  MADE  ANNUALLY  BY  THE
OWNER OF THE PROPERTY, OR COLLECTIVELY BY ALL OF THE OWNERS OF THE PROP-
ERTY, ON A FORM PRESCRIBED BY THE STATE BOARD. SUCH APPLICATION SHALL BE
MADE  TO  THE  COUNTY AGENCY OF REAL PROPERTY TAX SERVICES, ON OR BEFORE
JULY FIRST. THE OWNER OR GROUP OF  OWNERS  SHALL  SUBMIT  AN  UP-TO-DATE
ABSTRACT  OF  TITLE WITH THE APPLICATION IF THEY ARE NOT RECEIVING A TAX
DEFERMENT FOR SUCH PROPERTY AT THE TIME APPLICATION IS MADE.  THE  OWNER
OR  GROUP  OF  OWNERS MAY REQUEST THE COUNTY AGENCY OF REAL PROPERTY TAX
SERVICES TO OBTAIN THE NECESSARY ABSTRACT. THE  COUNTY  AGENCY  OF  REAL
PROPERTY  TAX  SERVICES IS AUTHORIZED TO CHARGE A REASONABLE FEE, NOT TO
EXCEED FIFTY DOLLARS, TO SECURE SUCH ABSTRACT.
  B. ANY CONVICTION FOR HAVING MADE ANY WILLFUL FALSE STATEMENT  IN  THE
APPLICATION FOR SUCH DEFERMENT SHALL BE PUNISHABLE BY A FINE OF NOT MORE

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

                                                           LBD09625-03-0

S. 6638                             2

THAN  ONE  HUNDRED  DOLLARS AND SHALL DISQUALIFY THE APPLICANT OR APPLI-
CANTS FROM FURTHER DEFERMENT FOR A PERIOD OF FIVE YEARS.
  C.  APPLICATIONS  SHALL  BE  AVAILABLE  FROM THE COUNTY AGENCY OF REAL
PROPERTY TAX SERVICES, ASSESSORS OF EACH ASSESSING UNIT  OF  THE  COUNTY
AND THE CLERKS OF EACH CITY, TOWN AND VILLAGE IN THE COUNTY.
  D.  ON  OR BEFORE OCTOBER FIFTEENTH THE COUNTY AGENCY OF REAL PROPERTY
TAX SERVICES SHALL NOTIFY EACH OWNER OR  GROUP  OF  OWNERS,  ON  A  FORM
PRESCRIBED  BY  THE  STATE  BOARD,  OF THE APPROVAL OR DENIAL OF THE TAX
DEFERMENT APPLICATION. EACH OWNER OR GROUP OF OWNERS DENIED  THE  DEFER-
MENT  SHALL BE NOTIFIED OF THE REASON OR REASONS FOR SUCH DENIAL AND MAY
CONTEST SUCH DENIAL BY FILING A COMPLAINT WITH THE CLERK OF  THE  COUNTY
LEGISLATIVE  BODY PURSUANT TO SUBDIVISION EIGHT OF THIS SECTION. FAILURE
TO MAIL ANY SUCH NOTICE OR FAILURE OF SUCH OWNER OR GROUP OF  OWNERS  TO
RECEIVE  THE SAME SHALL NOT PREVENT THE LEVY, COLLECTION AND ENFORCEMENT
OF THE PAYMENT OF TAXES ON PROPERTY OWNED BY  SUCH  OWNER  OR  GROUP  OF
OWNERS.
  E.  AT  THE  SAME TIME NOTICE IS GIVEN TO EACH APPROVED APPLICANT, THE
COUNTY DIRECTOR OF REAL PROPERTY TAX  SERVICES  SHALL  TRANSMIT  TO  THE
COUNTY  CLERK  A  NOTICE OF A TAX DEFERMENT LIEN AND STATE THE PERSON OR
PERSONS FOR WHOM A REAL PROPERTY TAX  DEFERMENT  WAS  APPROVED  AND  THE
LOCATION  OF  THE REAL PROPERTY. THE COUNTY CLERK SHALL FILE SUCH NOTICE
IN THE TAX DEFERMENT LIEN INDEX AS PRESCRIBED IN  SUBDIVISION  SEVEN  OF
THIS SECTION.
  F.  A  TAX DEFERMENT CERTIFICATE, PRESCRIBED BY THE STATE BOARD, SHALL
BE GRANTED FOR EACH APPROVED APPLICATION. SUCH  CERTIFICATE  SHALL  NAME
THE  OWNER  OR  OWNERS OF THE PROPERTY, THE LOCATION OF THE PROPERTY FOR
WHICH TAXES ARE DEFERRED, THE MUNICIPAL CORPORATIONS TO WHICH THE DEFER-
MENT IS APPLICABLE AND THE DATE ON WHICH THE FISCAL  YEAR  COMMENCES  OF
EACH  MUNICIPAL  CORPORATION  TO WHICH THE DEFERMENT IS APPLICABLE. SUCH
CERTIFICATE SHALL BE PRESENTED TO THE COLLECTING  OFFICER  AT  THE  TIME
PRESCRIBED  FOR  PAYMENT  OF TAXES, SPECIAL AD VALOREM LEVIES OR SPECIAL
ASSESSMENTS.
  G. THE REAL PROPERTY TAX DEFERMENT ON REAL PROPERTY OWNED  BY  HUSBAND
AND  WIFE, ONE OF WHOM IS SIXTY-FIVE YEARS OF AGE OR OVER, ONCE GRANTED,
SHALL NOT BE DENIED BY THE COUNTY SOLELY BECAUSE OF  THE  DEATH  OF  THE
OLDER  SPOUSE  PROVIDED  THAT THE SURVIVING SPOUSE IS AT LEAST SIXTY-TWO
YEARS OF AGE. IN THE EVENT THE SURVIVING SPOUSE IS LESS  THAN  SIXTY-TWO
YEARS  OF AGE, THE SURVIVING SPOUSE SHALL BE ELIGIBLE FOR THE TAX DEFER-
MENT UPON BECOMING SIXTY-TWO YEARS OF AGE PROVIDED ALL OTHER ELIGIBILITY
REQUIREMENTS ARE MET.
  3. NO DEFERMENT SHALL BE APPROVED:
  A. IF THE GROSS INCOME OF THE OWNER FOR THE INCOME TAX YEAR IMMEDIATE-
LY PRECEDING THE DATE OF MAKING APPLICATION FOR THE DEFERMENT EXCEEDS  A
SUM  NOT  LESS THAN TWENTY-FIVE THOUSAND DOLLARS OR THE EARNED INCOME OF
THE OWNER FOR SUCH TAX YEAR EXCEEDS A SUM NOT LESS  THAN  FIVE  THOUSAND
DOLLARS.  INCOME  TAX  YEAR SHALL MEAN THE TWELVE MONTH PERIOD FOR WHICH
THE OWNER OR OWNERS FILED A FEDERAL PERSONAL INCOME TAX RETURN, OR IF NO
SUCH RETURN IS FILED, THE CALENDAR YEAR. SUCH GROSS INCOME SHALL INCLUDE
SOCIAL SECURITY AND RETIREMENT BENEFITS, INTEREST, DIVIDENDS, 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.  IN  COMPUTING NET RENTAL INCOME AND NET INCOME
FROM SELF-EMPLOYMENT NO DEPRECIATION DEDUCTION SHALL BE ALLOWED FOR  THE

S. 6638                             3

EXHAUSTION,  WEAR  AND  TEAR  OF  REAL OR PERSONAL PROPERTY HELD FOR THE
PRODUCTION OF INCOME;
  B. UNLESS THE PROPERTY IS USED EXCLUSIVELY FOR RESIDENTIAL PURPOSES;
  C.  UNLESS THE REAL PROPERTY IS THE LEGAL RESIDENCE OF AND IS OCCUPIED
IN WHOLE OR IN PART BY THE OWNER OR BY ALL OF THE OWNERS OF THE  PROPER-
TY;
  D. IF THE TAX DEFERMENT LIEN, AS DEFINED IN PARAGRAPH A OF SUBDIVISION
FOUR  OF THIS SECTION, EXCEEDS EIGHTY PERCENT OF THE EQUITY OF THE PROP-
ERTY, A LOWER PERCENTAGE, OF NOT LESS THAN FIFTY PERCENT, MAY BE  ESTAB-
LISHED  BY  THE  LOCAL  LAW  ADOPTED  PURSUANT  TO THIS SECTION. FOR THE
PURPOSES OF THIS SECTION, EQUITY SHALL BE  DETERMINED  BY  DIVIDING  THE
ASSESSED VALUE OF THE PROPERTY AS LISTED ON THE LATEST COMPLETED ASSESS-
MENT ROLL BY THE EQUALIZATION RATE OR SPECIAL EQUALIZATION RATE FOR SUCH
ROLL  LESS THE AMOUNT OF PRIOR MORTGAGES AND JUDGMENTS AND THE AMOUNT OF
ANY LIENS LEVIED BY THE COUNTY PURSUANT TO ARTICLE FIVE  OF  THE  SOCIAL
SERVICES  LAW  PRIOR  OR  SUBSEQUENT  TO  THE APPROVAL OF THE DEFERMENT;
PROVIDED, HOWEVER, THAT, SHOULD  THE  TAX  DEFERMENT  LIEN  EXCEED  SUCH
LIMIT,  REPAYMENT OF THE DEFERRED AMOUNTS SHALL BE GOVERNED BY PARAGRAPH
B OF SUBDIVISION FOUR OF THIS SECTION;
  E. UNLESS ALL REAL PROPERTY  TAXES,  SPECIAL  AD  VALOREM  LEVIES  AND
SPECIAL ASSESSMENTS ARE PAID OR DEFERRED;
  F.  UNLESS  AN  ADEQUATE  FIRE  INSURANCE  POLICY  OR  CONTRACT AND AN
EXTENDED COVERAGE POLICY OR CONTRACT IS IN FORCE COVERING THE  PROPERTY;
AND  UNLESS  AN  ADEQUATE FLOOD INSURANCE POLICY OR CONTRACT IS IN FORCE
COVERING PROPERTY LOCATED WITHIN AREAS OF SPECIAL FLOOD  HAZARD  IDENTI-
FIED  BY  THE  FEDERAL  INSURANCE  ADMINISTRATION,  IF  SUCH A POLICY OR
CONTRACT IS REQUIRED BY THE LOCAL LAW ADOPTED PURSUANT TO THIS  SECTION;
AND  AN  ADEQUATE  INSURANCE  POLICY  OR CONTRACT SHALL MEAN A POLICY OR
CONTRACT THAT NAMES  THE  COUNTY  AS  AN  ADDITIONAL  NAMED  INSURED  AS
PROVIDED IN SUBSECTION (B-1) OF SECTION THREE THOUSAND FOUR HUNDRED FOUR
OF  THE INSURANCE LAW. SUCH POLICY OR CONTRACT SHALL BE IN AN AMOUNT NOT
LESS THAN THE PERCENTAGE OF EQUITY AS PROVIDED BY THE LOCAL LAW  ADOPTED
PURSUANT TO PARAGRAPH D OF THIS SUBDIVISION;
  G. IF THERE ARE ANY UNPAID MECHANIC'S LIENS OR JUDGMENTS FILED AGAINST
SUCH PROPERTY PRIOR TO THE DATE THE INITIAL DEFERMENT IS APPROVED PURSU-
ANT TO THIS SECTION; OR
  H. FOR SCHOOL PURPOSES IN THE CASE WHERE A CHILD RESIDES IF SUCH CHILD
ATTENDS A PUBLIC SCHOOL OF ELEMENTARY OR SECONDARY EDUCATION.
  4.  A. THE AMOUNT OF TAXES, SPECIAL AD VALOREM LEVIES, SPECIAL ASSESS-
MENTS, INTEREST AND OTHER  CHARGES  AS  DEFERRED  SHALL  CONSTITUTE  AND
REMAIN A LIEN AGAINST THE REAL PROPERTY IN FAVOR OF THE COUNTY AND SHALL
BE KNOWN AS A TAX DEFERMENT LIEN. SUCH TAX DEFERMENT LIEN SHALL BE IN AN
AMOUNT  EQUAL  TO  THE  CUMULATIVE  AMOUNT  OF TAXES, SPECIAL AD VALOREM
LEVIES AND SPECIAL ASSESSMENTS SO DEFERRED PLUS  AN  ANNUAL  TEN  DOLLAR
ADMINISTRATIVE  FEE PLUS AN AMOUNT EQUAL TO THE ANNUAL PRO-RATA INTEREST
EXPENSE CALCULATED ANNUALLY, AT MOODY'S  AVERAGE  FOR  COMMERCIAL  PRIME
RATE  LOANS,  PLUS  A  PRO-RATA  INSURANCE FEE IF THE COUNTY MAINTAINS A
SUPPLEMENTARY INSURANCE POLICY.
  B. (1) THE TAX DEFERMENT LIEN SHALL BECOME DUE AND PAYABLE: (I) UPON A
CONVEYANCE OF THE REAL PROPERTY BY THE PERSON OR PERSONS OR THE SURVIVOR
OF THEM, TO WHOM THE DEFERMENT IS GRANTED; OR (II) ONE  YEAR  AFTER  THE
DEATH  OF  THE PERSON TO WHOM THE DEFERMENT IS GRANTED; OR, IF MORE THAN
ONE PERSON, ONE YEAR AFTER THE DEATH OF THE SURVIVOR OF THEM;  OR  (III)
WHEN  ADEQUATE INSURANCE AS REQUIRED BY PARAGRAPH F OF SUBDIVISION THREE
OF THIS SECTION IS NOT MAINTAINED; OR (IV) WHEN A FORECLOSURE PROCEEDING
IS COMMENCED BY THE HOLDER OF A SECURED INTEREST IN THE  PROPERTY  WHICH

S. 6638                             4

IS   SUPERIOR  TO  THE  TAX  DEFERMENT  LIEN,  WHICHEVER  OCCURS  FIRST.
PROVIDED, HOWEVER, IN THE EVENT OF THE DEATH OF EITHER A HUSBAND OR WIFE
IN WHOSE NAME TITLE OF THE PROPERTY SHALL HAVE BEEN VESTED AT  THE  TIME
OF  DEATH  AND  THEN  BECOMES VESTED SOLELY IN THE SURVIVOR BY VIRTUE OF
DEVISE BY OR DESCENT FROM THE DECEASED SPOUSE, THAT  THE  TAX  DEFERMENT
LIEN  SHALL  NOT  BECOME  DUE AND PAYABLE UNTIL A CONVEYANCE OF THE REAL
PROPERTY BY THE SURVIVING SPOUSE OR UNTIL ONE YEAR AFTER  THE  DEATH  OF
THE SURVIVING SPOUSE, WHICHEVER OCCURS FIRST.
  (2) IN THE EVENT THE TAX DEFERMENT LIEN BECOMES DUE AND PAYABLE PURSU-
ANT  TO  ANY OF THE ABOVE PROVISIONS, AND PAYMENT IS NOT RECEIVED BY THE
COUNTY WITHIN TEN DAYS OF THE DATE PAYMENT BECOMES DUE, THE COUNTY SHALL
HAVE THE RIGHT AND POWER TO COMMENCE A FORECLOSURE  PROCEEDING  PURSUANT
TO  THE  PROVISIONS OF ARTICLE THIRTEEN OF THE REAL PROPERTY ACTIONS AND
PROCEEDINGS LAW, AS IF THE TAX DEFERMENT LIEN WERE A MORTGAGE,  AND  THE
COUNTY  SHALL  HAVE  THE  SAME  RIGHTS AS A HOLDER OF A MORTGAGE ON SUCH
PROPERTY.
  C. THE OWNER OR OWNERS OF SUCH REAL PROPERTY, HAVING RECEIVED  SUCH  A
TAX  DEFERMENT PURSUANT TO THIS SECTION, MAY TERMINATE THE DEFERMENT AND
REMOVE THE RESULTANT TAX DEFERMENT LIEN ON SAID PROPERTY AT ANY TIME  BY
PAYING IN FULL THE CUMULATIVE AMOUNT OF THE TAX DEFERMENT LIEN.
  D.  THE  OWNER  OR OWNERS OF SUCH REAL PROPERTY, HAVING RECEIVED A TAX
DEFERMENT PURSUANT TO THIS SECTION, MAY REDUCE THE TAX DEFERMENT LIEN BY
THE AMOUNT OF A PAYMENT MADE TO THE COUNTY TREASURER FOR SUCH PURPOSE.
  5. A. THE COUNTY DIRECTOR OF REAL PROPERTY TAX SERVICES SHALL,  ON  OR
BEFORE  MAY  FIRST,  MAIL  TO  EACH  PERSON WHO WAS GRANTED AN EXEMPTION
PURSUANT TO SECTION FOUR HUNDRED SIXTY-SEVEN OF THIS TITLE ON THE LATEST
COMPLETED ASSESSMENT ROLL OR A DEFERMENT PURSUANT TO  THIS  SECTION  FOR
THE  CURRENT COUNTY FISCAL YEAR, AN APPLICATION FORM FOR A TAX DEFERMENT
AND A NOTICE THAT SUCH APPLICATION MUST BE  FILED  NO  LATER  THAN  JULY
FIRST  IN ORDER FOR THE DEFERMENT TO BE GRANTED OR CONTINUED. FAILURE TO
MAIL ANY SUCH APPLICATION FORM OR NOTICE OR THE FAILURE OF  SUCH  PERSON
OR  GROUP  OF  PERSONS  TO  RECEIVE THE SAME SHALL NOT PREVENT THE LEVY,
COLLECTION AND ENFORCEMENT OF THE PAYMENT OF THE TAXES ON PROPERTY OWNED
BY SUCH PERSON OR GROUP OF PERSONS.
  B. UPON ADOPTION OF THE LOCAL LAW AUTHORIZING THE TAX  DEFERMENT,  THE
LEGISLATIVE  BODY  OF THE COUNTY SHALL NOTIFY THE DESIGNATED AREA AGENCY
ON AGING, CREATED PURSUANT TO THE FEDERAL OLDER AMERICANS ACT  OF  NINE-
TEEN  HUNDRED  SIXTY-FIVE AS AMENDED, OF ITS ACTION AND THE SPECIFICS OF
THE LOCAL LAW. EACH SUCH AREA AGENCY ON AGING SHALL CAUSE SUCH NOTICE OF
ADOPTION TO BE DISSEMINATED TO SENIOR CITIZENS IN THE APPROPRIATE  COUN-
TY.
  6.  A. UPON THE EXPIRATION OF THE TAX WARRANT, EACH COLLECTING OFFICER
SHALL MAKE AND DELIVER TO THE APPROPRIATE AUTHORITIES AN ACCOUNT  PURSU-
ANT  TO  THE  PROVISIONS  OF THIS CHAPTER OF ALL TAXES LISTED ON THE TAX
ROLL FOR WHICH A TAX DEFERMENT CERTIFICATE HAS BEEN PRESENTED.
  B. IN THE CASE OF A CITY, EXCEPT A  CITY  WITH  A  POPULATION  OF  ONE
MILLION  OR MORE, NOTWITHSTANDING ANY LAW OR CITY CHARTER TO THE CONTRA-
RY, THE FOLLOWING PROVISIONS SHALL GOVERN THE  REPORT  OF  THE  DEFERRED
TAXES  AND  PAYMENT  OF  SUCH  DEFERRED TAXES: AT THE SAME TIME THAT THE
TREASURER RETURNS THE TAX ROLL AND WARRANT, HE SHALL DELIVER TO THE CITY
COUNCIL AN ACCOUNT OF TAXES DEFERRED  PURSUANT  TO  THIS  SECTION.  SUCH
ACCOUNT SHALL DESCRIBE EACH PARCEL OF REAL PROPERTY UPON WHICH TAXES ARE
DEFERRED,  SHALL  SHOW  THE PERSON OR PERSONS IN WHOSE NAME ASSESSED AND
THE AMOUNT OF THE DEFERRED TAX. UPON FILING  WITH  THE  CITY  COUNCIL  A
VERIFIED  STATEMENT  THAT TAX DEFERMENT CERTIFICATES HAVE BEEN PRESENTED
FOR DEFERRED TAXES PURSUANT TO THIS  SECTION,  THE  TREASURER  SHALL  BE

S. 6638                             5

CREDITED  WITH  THE  AMOUNT  THEREOF.  UPON  RECEIVING SUCH STATEMENT OF
DEFERRED TAXES THE CITY COUNCIL SHALL COMPARE IT  TO  THE  ORIGINAL  TAX
ROLL,  AND  IF  THEY  FIND  IT CORRECT, THEY SHALL ADD TO SUCH STATEMENT
THEIR  CERTIFICATE TO THE EFFECT THEY HAVE COMPARED IT WITH THE ORIGINAL
AND FOUND IT TO BE CORRECT, AND SHALL IMMEDIATELY TRANSMIT THE STATEMENT
AND CERTIFICATE TO THE TREASURER OF THE COUNTY. THE COUNTY TREASURER, ON
OR BEFORE THE FIRST DAY OF APRIL FOLLOWING THE RECEIPT OF SUCH STATEMENT
AND CERTIFICATE AS PROVIDED IN THIS SUBDIVISION, SHALL PAY TO  THE  CITY
TREASURER THE AMOUNT OF SUCH DEFERRED TAXES.
  C.  (1) IN THE CASE OF A CITY WITH A POPULATION OF ONE MILLION OR MORE
THE CITY COLLECTOR OR THE DEPUTY COLLECTOR IN EACH BOROUGH OFFICE OF THE
CITY COLLECTOR SHALL ENTER UPON ACCOUNTS, TO BE MAINTAINED IN EACH  SUCH
OFFICE  FOR  EACH  PARCEL  OF  PROPERTY,  THE RECEIPT OF A TAX DEFERMENT
CERTIFICATE, THE AMOUNT THEREFOR, AND THE DATE WHEN PAID. HE SHALL DAILY
ENTER INTO SUITABLE BOOKS TO BE KEPT FOR THE PURPOSE OF  SUCH  ACCOUNTS,
SUCH  RECEIPT  AND  THE  RESPECTIVE PARCELS ON ACCOUNT OF WHICH THE SAME
WERE RECEIVED.
  (2) AT THE CLOSE OF OFFICE HOURS EACH DAY,  HE  SHALL  RENDER  TO  THE
COMMISSIONER  OF  FINANCE  OR THE DEPUTY COMMISSIONER OF FINANCE IN SUCH
BOROUGH A STATEMENT OF TAXES DEFERRED. HE SHALL THEREUPON  RECEIVE  FROM
SUCH COMMISSIONER OF FINANCE OR DEPUTY COMMISSIONER OF FINANCE A VOUCHER
FOR THE RECEIPT OF SAID CERTIFICATES WHICH HE SHALL EXHIBIT TO THE COMP-
TROLLER NOT LATER THAN THE NEXT SUCCEEDING BUSINESS DAY.
  (3)  AT  THE  CLOSE  OF OFFICE HOURS EACH DAY, HE SHALL ALSO FURNISH A
STATEMENT OF TAXES DEFERRED TO THE COMPTROLLER WHO SHALL FILE  THE  SAME
IN  HIS  OFFICE.    SUCH STATEMENT SHALL INDICATE IN DETAIL SUCH SUMS SO
RECEIVED AND THE RESPECTIVE PARCELS ON ACCOUNT OF WHICH  THE  SAME  WERE
RECEIVED.  THE COMPTROLLER SHALL, ON EACH DAY, IMMEDIATELY AFTER RECEIV-
ING SUCH STATEMENT, COMPARE IT WITH A VOUCHER FURNISHED TO  HIM  BY  THE
COMMISSIONER  OF  FINANCE INDICATING THEY HAVE BEEN DEFERRED ON SUCH DAY
AND IF THE AMOUNTS THEREOF  SHALL  CORRESPOND,  SHALL  CREDIT  THE  CITY
COLLECTOR IN HIS BOOKS WITH SUCH AMOUNT.
  7.   A.   NOTWITHSTANDING  THE  PROVISIONS  OF  SECTION  FIVE  HUNDRED
TWENTY-NINE OF THE COUNTY LAW OR ANY OTHER  PROVISIONS  OF  LAW  TO  THE
CONTRARY,  THE COUNTY CLERK SHALL PROCURE, AT THE EXPENSE OF THE COUNTY,
A FILE TO BE STYLED AND LABELED "TAX DEFERMENT  LIEN  NOTICES",  AND  AN
INDEX  BOOK  TO BE STYLED AND LABELED "TAX DEFERMENT LIEN INDEX". WHEN A
NOTICE OF ANY SUCH TAX DEFERMENT LIEN IS PRESENTED TO HIM FOR FILING, HE
SHALL ENDORSE THEREON A SERIAL NUMBER AND THE DATE, HOUR AND  MINUTE  OF
ITS   RECEIPT, FILE IT IN NUMERICAL ORDER AND ENTER IT ALPHABETICALLY IN
THE TAX DEFERMENT LIEN INDEX. THE ENTRY SHALL SHOW THE NAME OF THE OWNER
OR OWNERS AND THE LOCATION OF THE REAL PROPERTY NAMED IN THE NOTICE, THE
AFORESAID ENDORSED SERIAL NUMBER, THE DATE OF FILING AND THE  AMOUNT  OF
THE  TAX DEFERRED, WHICH INFORMATION SHALL BE CONTAINED IN THE NOTICE OF
LIEN.
  B. NO FEE IS TO BE PAID THE CLERK FOR FILING AND INDEXING EACH  NOTICE
OF  TAX  DEFERMENT  LIEN,  INCLUDING AN AMENDMENT THERETO AS PROVIDED IN
SUBDIVISION NINE OF THIS SECTION. A FEE OF TWO DOLLARS PER YEAR FOR EACH
CERTIFICATE OF RELEASE OR DISCHARGE RELATING THERETO SHALL BE CHARGED BY
THE CLERK FOR FILING AND RECORDING OF THE SAME.
  8. A. AN OWNER OR OWNERS OF PROPERTY WHO HAVE BEEN DENIED A TAX DEFER-
MENT PURSUANT TO THIS SECTION  MAY  CONTEST  SUCH  DENIAL  BY  FILING  A
COMPLAINT  WITH  THE  CLERK  OF  THE  COUNTY  LEGISLATIVE BODY ON A FORM
PRESCRIBED BY THE STATE BOARD ON  OR  BEFORE  NOVEMBER  FIFTEENTH.  SUCH
COMPLAINT  SHALL SPECIFY THE REASONS FOR REQUESTING REVIEW OF THE DENIAL
OF THE DEFERMENT. THE COUNTY LEGISLATIVE BODY OR  THE  DEFERMENT  REVIEW

S. 6638                             6

BOARD  APPOINTED  BY THE COUNTY LEGISLATIVE BODY PURSUANT TO PARAGRAPH D
OF THIS SUBDIVISION SHALL  MEET  FOR  THE  PURPOSES  OF  REVIEWING  SUCH
COMPLAINTS  ON OR BEFORE NOVEMBER THIRTIETH.
  B.  THE  COUNTY  LEGISLATIVE BODY OR DEFERMENT REVIEW BOARD: (1) SHALL
ESTABLISH A DATE, TIME AND PLACE FOR HEARING COMPLAINTS; (2) SHALL NOTI-
FY THE COMPLAINANT OF THE DATE, TIME AND PLACE  OF  HEARING;  (3)  SHALL
REVIEW THE DEFERMENT APPLICATION, REASONS FOR DENIAL AND COMPLAINT FORM;
(4)  MAY  ADMINISTER  OATHS, TAKE TESTIMONY AND HEAR PROOFS IN REGARD TO
ANY COMPLAINT; (5) IS EMPOWERED TO SUSTAIN SUCH DENIAL OR APPROVE A  TAX
DEFERMENT IF IT IS SATISFIED THE COMPLAINANT IS ELIGIBLE PURSUANT TO THE
PROVISIONS  OF THIS SECTION; AND (6) SHALL NOTIFY THE COUNTY DIRECTOR OF
THE REAL PROPERTY TAX SERVICES OF ITS DETERMINATION.
  C. UPON RECEIVING THE DETERMINATION OF THE COUNTY LEGISLATIVE BODY  OR
THE  DEFERMENT  REVIEW  BOARD,  THE COUNTY DIRECTOR OF REAL PROPERTY TAX
SERVICES SHALL NOTIFY THE APPLICANT OF SUCH DETERMINATION.  IF  THE  TAX
DEFERMENT  IS  APPROVED,  A  TAX  DEFERMENT  CERTIFICATE SHALL BE ISSUED
FORTHWITH. IF THE DENIAL IS SUSTAINED, SUCH  NOTICE  SHALL  CONTAIN  THE
STATEMENT:    "IF  YOU  ARE DISSATISFIED WITH THIS DETERMINATION OF YOUR
APPEAL, YOU MAY SEEK JUDICIAL REVIEW OF THE DENIAL OF THE TAX  DEFERMENT
AND  MAY  HAVE SUCH DETERMINATION REVIEWED BY THE STATE SUPREME COURT IN
THE MANNER PROVIDED BY ARTICLE 78 OF THE CPLR." FAILURE TO MAIL ANY SUCH
NOTICE OR FAILURE OF SUCH OWNER OR GROUP OF OWNERS TO RECEIVE ANY OF THE
SAME SHALL NOT PREVENT  THE  LEVY,  COLLECTION  OR  ENFORCEMENT  OF  THE
PAYMENT OF THE TAXES ON PROPERTY OWNED BY SUCH OWNER OR GROUP OF OWNERS.
  D.  THE  COUNTY  LEGISLATIVE BODY MAY APPOINT A DEFERMENT REVIEW BOARD
WHICH SHALL HAVE ALL THE POWERS AND DUTIES PRESCRIBED IN PARAGRAPH B  OF
THIS  SUBDIVISION.   SUCH BOARD SHALL CONSIST OF NOT LESS THAN THREE NOR
MORE THAN FIVE MEMBERS, A MAJORITY OF WHOM  ARE  NOT  EMPLOYEES  OF  THE
COUNTY  OR  OF  ANY MUNICIPAL CORPORATION WITHIN THE COUNTY. NEITHER THE
COUNTY DIRECTOR OF REAL PROPERTY TAX SERVICES NOR ANY  MEMBERS  OF  SUCH
STAFF  MAY  BE APPOINTED TO SUCH BOARD. THE COUNTY LEGISLATIVE  BODY MAY
ADOPT A RESOLUTION PROVIDING THAT THE MEMBERS OF  SUCH  BOARD  SHALL  BE
PAID  FOR  THEIR  SERVICES. SUCH RESOLUTION SHALL FIX THE AMOUNT OF SUCH
COMPENSATION.   NOTWITHSTANDING THE FOREGOING,  THE  COUNTY  LEGISLATIVE
BODY  MAY  APPOINT  A  SUBCOMMITTEE  OF AT LEAST THREE OF ITS MEMBERS TO
SERVE AS THE DEFERMENT REVIEW BOARD.
  9. EACH TAX DEFERMENT LIEN SHALL CONSTITUTE A LIEN AGAINST REAL  PROP-
ERTY  AS  OF THE DATE THE INITIAL TAX DEFERMENT CERTIFICATE IS PRESENTED
TO THE TAX COLLECTING OFFICER; PROVIDED, HOWEVER, THAT  EACH  SUBSEQUENT
TAX  DEFERMENT WITH RESPECT TO THE REAL PROPERTY OF SUCH OWNER OR OWNERS
AFTER THE DATE OF THE FILING OF SUCH INITIAL TAX DEFERMENT LIEN SHALL BE
FILED AS AN AMENDMENT TO SUCH INITIAL LIEN AND ANY AMENDMENTS  MADE  AND
FILED  WITH  RESPECT THERETO SHALL HAVE LIEN PRIORITY OVER ANY MORTGAGE,
JUDGMENT OR MECHANIC'S LIEN AGAINST SUCH REAL PROPERTY RECORDED, DOCKET-
ED OR FILED SUBSEQUENT TO THE FILING OF THE INITIAL NOTICE OF TAX DEFER-
MENT LIEN. THE TAX DEFERMENT LIEN AS CREATED BY THIS SECTION  SHALL  NOT
BE  CONSTRUED  OR INTERPRETED TO MEAN ANY LIEN OTHER THAN A LIEN AGAINST
REAL PROPERTY, AND SHALL BE SUBORDINATE TO MORTGAGES  AND  JUDGMENTS  OF
RECORD  AS  OF  THE  TIME  OF  THE FILING OF THE INITIAL NOTICE OF A TAX
DEFERMENT LIEN.
  10. THE DEFERMENT OF TAXES BY AN OWNER  OR  OWNERS  OF  REAL  PROPERTY
PURSUANT  TO  THE  PROVISIONS OF THIS SECTION, WHICH OWNER OR OWNERS ARE
ALSO A MORTGAGOR OR MORTGAGORS, OF SUCH PROPERTY, SHALL BE DEEMED NOT TO
BE A DEFAULT IN THE PAYMENT OF TAXES FOR PURPOSES OF ANY  COVENANT  MADE
BY SUCH MORTGAGOR OR MORTGAGORS TO PAY TAXES.

S. 6638                             7

  11. A COUNTY WHICH HAS ADOPTED A LOCAL LAW PROVIDING FOR THE DEFERMENT
OF  REAL  PROPERTY  TAXES,  SPECIAL  ASSESSMENTS  AND SPECIAL AD VALOREM
LEVIES IS HEREBY AUTHORIZED AND EMPOWERED TO CONTRACT FOR A SUPPLEMENTA-
RY INSURANCE POLICY. SUCH SUPPLEMENTARY INSURANCE POLICY  SHALL  INCLUDE
BUT NOT BE LIMITED TO INSURANCE COVERAGE FOR LOSS TO THE COUNTY IN THOSE
INSTANCES WHERE THE PROPERTY VALUE HAS BEEN REDUCED AS A RESULT OF FIRE,
FLOOD OR OTHER OCCURRENCES COVERED BY FIRE AND EXTENDED COVERAGE AND THE
INSURANCE  REQUIRED  BY PARAGRAPH F OF SUBDIVISION THREE OF THIS SECTION
IS NOT IN FORCE, AND THE  RESIDUAL  PROPERTY  VALUE  IS  LESS  THAN  THE
OUTSTANDING TAX DEFERMENT LIEN, OR WHERE THE PROPERTY VALUE IS LESS THAN
THE  OUTSTANDING  TAX  DEFERMENT LIEN AFTER ALL SUPERIOR LIENS HAVE BEEN
SATISFIED. SUCH   INSURANCE COVERAGE  SHALL  NOT  EXCEED  THE  AGGREGATE
AMOUNT  OF  THE  DIFFERENCE BETWEEN THE LAND VALUE AND THE TAX DEFERMENT
LIEN FOR EACH PARCEL OF PROPERTY ON WHICH THERE IS SUCH A LIEN.
  12. FOR THE PURPOSES OF THIS SECTION, IN A CITY WITH A  POPULATION  OF
ONE  MILLION  OR  MORE  ALL  REFERENCES HEREIN TO COUNTY SHALL MEAN SUCH
CITY; COUNTY AGENCY OF REAL PROPERTY TAX SERVICES  SHALL  MEAN  THE  TAX
COMMISSION  OF  SUCH CITY; COUNTY DIRECTOR OF REAL PROPERTY TAX SERVICES
SHALL MEAN THE PRESIDENT OF THE TAX  COMMISSION  OF  SUCH  CITY;  COUNTY
TREASURER  SHALL  MEAN THE FINANCE COMMISSIONER OF SUCH CITY; THE COUNTY
LEGISLATIVE BODY SHALL MEAN THE CITY COUNCIL OF SUCH CITY.  APPLICATIONS
IN  SUCH  CITY  SHALL BE FILED WITH THE CITY TAX COMMISSION ON OR BEFORE
JANUARY FIRST; NOTICE OF APPROVAL OR DENIAL SHALL BE MAILED ON OR BEFORE
APRIL FIFTEENTH; DENIAL COMPLAINTS SHALL  BE  FILED  ON  OR  BEFORE  MAY
FIRST;  THE CITY COUNCIL OR SUCH OTHER BODY SHALL REVIEW SUCH COMPLAINTS
PRIOR TO JUNE FIRST AND THE MAILING OF APPLICATIONS AND NOTICE OF FILING
DATE SHALL OCCUR ON OR BEFORE NOVEMBER FIRST, PURSUANT TO THE PROVISIONS
OF THIS SECTION.
  13. FOR THE PURPOSES OF THIS SECTION, IN A COUNTY WHICH ASSESSES  REAL
PROPERTY  FOR  TAX PURPOSES, ALL REFERENCES TO THE COUNTY AGENCY OF REAL
PROPERTY TAX SERVICES SHALL MEAN THE COUNTY ASSESSOR OR BOARD OF  ASSES-
SORS, WHICHEVER IS APPROPRIATE.
  S  2.  Subdivision  1  of section 922 of the real property tax law, as
amended by chapter 440 of the laws of 1989, paragraph (a) as amended  by
section  5 of part B of chapter 389 of the laws of 1997 and subparagraph
(iii) of paragraph (a) as amended by chapter 256 of the laws of 2005, is
amended to read as follows:
  1. (a) Upon receipt of the tax roll and warrant, the collecting  offi-
cer shall mail to each owner of real property at the tax billing address
listed  thereon a statement showing the amount of taxes due on the prop-
erty. The statement must contain:
  (i) the mailing address of the owner;
  (ii) a description sufficient to effectively apprise the recipient  of
the identity and location of the parcel for which it is issued;
  (iii)  the taxes due on such parcel and the data used to calculate the
amount due, including but not limited to: the full value of  the  parcel
as  determined by the assessor; the uniform percentage of value applica-
ble to the assessing unit (or, in a special assessing unit, the  uniform
percentage  of  value applicable to the class) pursuant to section three
hundred five of this chapter; the total assessed value  of  the  parcel;
the  assessed  value  of  the exemptions applied to such parcel for each
taxing purpose and the full value which each such exemption  represents;
the  taxable assessed value of the parcel for each taxing purpose; [and]
the tax rate for each taxing purpose; AND A STATEMENT OF THE  CUMULATIVE
AMOUNT OF THE TAX DEFERMENT LIEN;

S. 6638                             8

  (iv) the total amount of taxes levied for each taxing purpose, and the
percentage increase or decrease in such amount relative to the preceding
levy;
  (v) the period covered by the taxes;
  (vi)  the  time,  manner  and  places  fixed for receiving payments of
taxes;
  (vii) the name and address of the collecting officer;
  (viii) the interest and penalties which shall accrue if payment is not
timely made;
  (ix) a legend stating "if you wish to receive a receipt for payment of
this tax bill, place an 'x' in this box { }";
  (x) explanations of any abbreviations or technical terms used  in  the
statement of taxes;
  (xi)  if  school  district  taxes  are  included on the statement, the
school district code established  by  the  department  of  taxation  and
finance;
  (xii) an explanation of the assessment review process;
  (xiii) such other information as may be prescribed by law; and
  (xiv)  if,  not  later than ten days after the filing of the preceding
tentative assessment roll, the assessing unit mailed to  each  owner  of
taxable  real  property a notice in a form prescribed by the state board
containing the information described by subparagraphs (iii) and (xii) of
this paragraph (excluding the taxes due on the parcel and the  tax  rate
for  each  taxing  purpose), the statement of taxes need not include the
information prescribed by subparagraph (xii) of this paragraph.
  (b) In addition, in the event that at any time prior to the expiration
of his warrant the collecting officer shall receive notice of a transfer
of title to real property occurring subsequent  to  the  taxable  status
date, such collecting officer shall mail a statement of taxes to the new
owner of such real property at the tax billing address listed thereon if
the amount of taxes due as listed on the tax roll has not been paid.
  (c)  Nothing  contained in this section shall be construed to preclude
the personal delivery of a bill to an owner or mortgage investing insti-
tution and where a bill is so delivered, a reference in this chapter  to
the  mailing of such bill shall be deemed a reference to the delivery of
such bill, unless the context clearly indicates otherwise.
  (d) Upon resolution duly adopted by the council of a city, or THE town
board of a town, the collecting officer shall cause  A  SUMMARY  OF  THE
ADOPTED  MUNICIPAL  BUDGET  AND AN EXPLANATION OF THE COMPUTATION OF THE
TAX RATE to be enclosed with the statement showing  the  amount  of  tax
due[,  a  summary  of the adopted municipal budget and an explanation of
the computation of the tax rate].
  S 3. Subdivision 1 of section 936 of the real  property  tax  law,  as
amended  by  chapter  355  of  the  laws  of 1997, is amended to read as
follows:
  1. Upon the expiration of his warrant, each collecting  officer  shall
make  and  deliver  to  the  county treasurer an account, subscribed and
affirmed by him as true under the penalties of  perjury,  of  all  taxes
listed  on  the  tax  roll  which  remain unpaid OR DEFERRED PURSUANT TO
SECTION FOUR HUNDRED SIXTY-SEVEN-G OF THIS  CHAPTER,  except  that  such
collecting  officer  shall not include in such account the amount of the
installments of taxes returned unpaid pursuant to [section nine  hundred
twenty-eight-b  or]  subdivision one of section nine hundred seventy-six
of this [chapter] ARTICLE. The county treasurer shall, if satisfied that
such account is correct, credit him  with  the  amount  of  such  unpaid

S. 6638                             9

delinquent  taxes AND DEFERRED TAXES. Such return shall be endorsed upon
or attached to the tax roll.
  S  4.  Subdivisions  1  and 4 of section 1330 of the real property tax
law, subdivision 1 as amended by chapter 845 of the  laws  of  1965  and
subdivision 4 as amended by chapter 350 of the laws of 1978, are amended
to read as follows:
  1.  In  any  school district other than a city school district, if any
taxes remain unpaid at the time the collecting officer  is  required  by
law to return his warrant, he shall be credited with the amount thereof,
including  the  balance  of  the  amount of taxes which an owner of real
property has elected to pay in installments pursuant to section thirteen
hundred forty of this [chapter] ARTICLE AND THE AMOUNT OF TAXES DEFERRED
PURSUANT TO SECTION FOUR HUNDRED SIXTY-SEVEN-G  OF  THIS  CHAPTER,  upon
delivery  to  the  school  authorities of the tax roll and warrant and a
statement, subscribed and affirmed by him as true under the penalties of
perjury, of such unpaid taxes AND A STATEMENT OF TAXES DEFERRED PURSUANT
TO SECTION FOUR HUNDRED SIXTY-SEVEN-G  OF  THIS  CHAPTER,  containing  a
description  of the real property upon which such taxes remain unpaid OR
DEFERRED.  A collecting officer who received  compensation  in  lieu  of
fees  shall  include  in  such  statement the amount of interest on such
unpaid taxes, except that  no  such  interest  shall  be  added  by  the
collecting  officer to the balance of taxes which an owner of real prop-
erty has elected to pay in installments  pursuant  to  section  thirteen
hundred forty of this [chapter] ARTICLE.
  4.  The  county  treasurer  shall, on or before the first day of April
following the receipt of the statement and certificate  as  provided  in
subdivision  two of this section, pay to the officer charged by law with
the custody of school district moneys, the  amount  of  returned  unpaid
school  taxes AND THE AMOUNT OF DEFERRED SCHOOL TAXES, not including the
amount of taxes paid pursuant to section thirteen hundred  forty-two  of
this [chapter] ARTICLE.
  S  5.  Subdivision  2 of section 1332 of the real property tax law, as
amended by chapter 845 of the laws of 1965, is amended and a new  subdi-
vision 3-a is added to read as follows:
  2.  The collecting officer of each city school district shall make and
deliver to the school authorities thereof [his] A  statement  of  unpaid
taxes AND A STATEMENT OF TAXES DEFERRED PURSUANT TO SECTION FOUR HUNDRED
SIXTY-SEVEN-G  OF  THIS  CHAPTER, subscribed and affirmed by him as true
under the penalties of perjury, in the same manner  and  with  the  same
effect as provided in subdivision one of section thirteen hundred thirty
of  this [chapter] ARTICLE, except that the city school district and the
collecting officer may agree to have the school tax roll remain  in  the
temporary  custody  of  such  collecting  officer until all taxes listed
therein have been collected. If so agreed, the collecting officer  shall
furnish  an  accurate  statement, subscribed and affirmed by him as true
under the penalties of perjury, of the total amount received in  payment
of  such  taxes,  together with an itemized statement of all uncollected
AND DEFERRED taxes, in lieu of delivery of the items required by  subdi-
vision one of [said] SUCH section thirteen hundred thirty.
  3-A. UPON RECEIVING SUCH STATEMENT OF DEFERRED TAXES FROM THE COLLECT-
ING  OFFICER,  THE SCHOOL AUTHORITIES SHALL COMPARE IT WITH THE ORIGINAL
SCHOOL TAX ROLL, AND IF THEY FIND IT TO BE CORRECT, THEY  SHALL  ADD  TO
SUCH  STATEMENT  THEIR CERTIFICATE TO THE EFFECT THAT THEY HAVE COMPARED
IT WITH THE ORIGINAL SCHOOL TAX ROLL AND FOUND IT  TO  BE  CORRECT,  AND
SHALL IMMEDIATELY TRANSMIT THE STATEMENT AND CERTIFICATE TO THE TREASUR-
ER OF THE COUNTY. THE COUNTY TREASURER SHALL, ON OR BEFORE THE FIRST DAY

S. 6638                            10

OF  APRIL  FOLLOWING  THE  RECEIPT  OF  THE STATEMENT AND CERTIFICATE AS
PROVIDED IN THIS SUBDIVISION, PAY TO THE OFFICER CHARGED WITH THE CUSTO-
DY OF SCHOOL DISTRICT MONEYS, THE AMOUNT OF DEFERRED TAXES.
  S  6.  Subdivision  2  of section 1436 of the real property tax law is
amended and a new subdivision 2-a is added to read as follows:
  2. At the same time that  the  treasurer  returns  the  tax  roll  and
warrant,  he  shall  deliver  to the board of trustees an account of the
unpaid taxes AND AN ACCOUNT OF TAXES DEFERRED PURSUANT TO  SECTION  FOUR
HUNDRED SIXTY-SEVEN-G OF THIS CHAPTER.  Such account shall describe each
parcel  of  real property upon which taxes are unpaid OR DEFERRED, shall
show the person or persons in whose name  assessed  and  the  amount  of
unpaid  OR DEFERRED tax.  Upon filing with the board of trustees a veri-
fied statement that the taxes mentioned in such  account  remain  unpaid
and that he has been unable to collect the same AND A VERIFIED STATEMENT
THAT  TAX  DEFERMENT CERTIFICATES HAVE BEEN PRESENTED FOR DEFERRED TAXES
PURSUANT TO SECTION FOUR HUNDRED  SIXTY-SEVEN-G  OF  THIS  CHAPTER,  the
treasurer shall be credited with the amount thereof.
  2-A.  UPON  RECEIVING  SUCH  STATEMENT  OF DEFERRED TAXES THE BOARD OF
TRUSTEES SHALL COMPARE IT TO THE ORIGINAL TAX ROLL, AND IF THEY FIND  IT
CORRECT,  THEY  SHALL  ADD  TO  SUCH  STATEMENT THEIR CERTIFICATE TO THE
EFFECT THEY HAVE COMPARED IT WITH  THE  ORIGINAL  AND  FOUND  IT  TO  BE
CORRECT, AND SHALL IMMEDIATELY TRANSMIT THE STATEMENT AND CERTIFICATE TO
THE  TREASURER  OF  THE  COUNTY.  THE COUNTY TREASURER, ON OR BEFORE THE
FIRST DAY OF APRIL FOLLOWING THE RECEIPT OF SUCH STATEMENT  AND  CERTIF-
ICATE  AS  PROVIDED  IN THIS SUBDIVISION, SHALL PAY TO THE TREASURER THE
AMOUNT OF SUCH DEFERRED TAXES.
  S 7. Paragraph a of section 11.00 of the local finance law is  amended
by adding a new subdivision 105 to read as follows:
  105.  DEFERRAL  OF  TAXES  BY  COUNTIES. THE ESTABLISHMENT OF A SENIOR
CITIZENS TAX DEFERMENT FUND FOR THE PURPOSE OF EFFECTING A SENIOR  CITI-
ZEN TAX DEFERMENT PROGRAM PURSUANT TO SECTION FOUR HUNDRED SIXTY-SEVEN-G
OF THE REAL PROPERTY TAX LAW, FIFTEEN YEARS.
  S  8. Paragraph a of section 20.00 of the local finance law is amended
by adding a new subdivision 12 to read as follows:
  12. SENIOR CITIZEN TAX DEFERMENT NOTES.
  S 9. The local finance law is amended by adding a new section 27.00 to
read as follows:
  S 27.00 SENIOR CITIZEN TAX  DEFERMENT  NOTES.  ANY  COUNTY  MAY  ISSUE
SENIOR  CITIZEN  TAX  DEFERMENT  NOTES, AND RENEW THE SAME, ON AN ANNUAL
BASIS AS NEEDED FOR THE PURPOSE OF FINANCING THE  COSTS,  INCLUDING  THE
AMOUNT  OF  TAXES DEFERRED, ADMINISTRATIVE EXPENSES AND ACCRUED INTEREST
CHARGES, OF FUNDING A SENIOR CITIZEN TAX DEFERMENT PROGRAM, PURSUANT  TO
SECTION  FOUR  HUNDRED  SIXTY-SEVEN-G OF THE REAL PROPERTY TAX LAW. SUCH
NOTES MAY BE RETIRED IN WHOLE, OR IN PART, FROM TIME  TO  TIME,  AS  THE
COUNTY  RECEIVES  REVENUE  FROM  THE  SATISFACTION OF SENIOR CITIZEN TAX
DEFERMENT LIENS.
  S 10. Section 3404 of the insurance law is amended  by  adding  a  new
subsection (b-1) to read as follows:
  (B-1)  NO  POLICY  OR CONTRACT OF FIRE INSURANCE, EXTENDED COVERAGE OR
FLOOD INSURANCE SHALL BE MADE, ISSUED  OR  DELIVERED  ON  OR  AFTER  THE
EFFECTIVE  DATE  OF  THIS  SUBSECTION  BY  AN INSURER OR BY ANY AGENT OR
REPRESENTATIVE THEREOF OF ANY PROPERTY IN THIS STATE UPON  WHICH  A  TAX
DEFERMENT  HAS  BEEN  GRANTED PURSUANT TO THE PROVISIONS OF SECTION FOUR
HUNDRED SIXTY-SEVEN-G OF THE REAL PROPERTY TAX LAW UNLESS THE POLICY  OR
CONTRACT  PROVIDES  BY ENDORSEMENT THAT THE COUNTY WHERE THE PROPERTY IS
LOCATED IS AN ADDITIONAL NAMED INSURED,  AND FURTHER CONTAINS AN  AGREE-

S. 6638                            11

MENT  THAT  SUCH  POLICY OR CONTRACT MAY BE CANCELLED UNLESS SUCH COUNTY
NAMED THEREIN IS GIVEN THE SAME WRITTEN NOTICE REQUIRED TO  BE  PROVIDED
TO  THE  POLICYHOLDER  PURSUANT TO LAW OR CONTRACT BUT IN NO EVENT SHALL
SUCH NOTICE BE LESS THAN TWENTY DAYS.
  S  11.  The insurance law is amended by adding a new section 3108-a to
read as follows:
  S 3108-A. REAL PROPERTY TAX SUPPLEMENTARY  INSURANCE.    SUPPLEMENTARY
POLICIES  OF  INSURANCE  PROVIDING  FOR  INSURANCE COVERAGE FOR COUNTIES
WHICH HAVE PROVIDED FOR THE DEFERMENT OF REAL  PROPERTY  TAXES,  SPECIAL
ASSESSMENTS  AND  SPECIAL  AD  VALOREM  LEVIES  PURSUANT TO SECTION FOUR
HUNDRED SIXTY-SEVEN-G OF THE REAL PROPERTY TAX LAW AND THE TAX DEFERMENT
LIEN THAT IS DUE AND PAYABLE MAY BE APPROVED BY THE  SUPERINTENDENT  AND
ISSUED  BY  INSURERS  NOTWITHSTANDING ANY PROVISION OF THIS CHAPTER, AND
NOTWITHSTANDING THOSE PROVISIONS OF ANY  OTHER  LAW  WHICH  SPECIFY  THE
CONTENT  OF  INSURANCE  POLICIES,  PROVIDED  THAT SUCH POLICIES SHALL BE
SUBJECT TO REGULATIONS PROMULGATED BY THE SUPERINTENDENT SPECIFYING  THE
STANDARDS  WHICH  MUST  BE MET BY INSURERS FOR ISSUING SUCH POLICIES AND
ASSURING TO POLICYHOLDERS AND CLAIMANTS PROTECTIONS NOT  LESS  FAVORABLE
THAN  THEY  WOULD  BE  ENTITLED  TO UNDER A SUBSTANTIALLY SIMILAR POLICY
WHICH IS NOT SUBJECT TO THIS SECTION.
  S 12. This act shall take effect on  the  one  hundred  eightieth  day
after it shall have become a law.