NY State Senate Bill 2017-S6929

Senate Bill S6929

2017-2018 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 Rules 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

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jun 20, 2018	committed to rules
Feb 06, 2018	advanced to third reading
Feb 05, 2018	2nd report cal.
Jan 30, 2018	1st report cal.329
Jan 03, 2018	referred to cities
Oct 25, 2017	referred to rules

Votes

- Jan 30, 2018 - Cities Committee Vote
  S6929
  
  6
  
  Aye
  
  0
  
  Nay
  
  1
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Cities Committee Vote: Jan 30, 2018
      
      aye (6)
      
      Akshar
      
      Benjamin
      
      Felder
      
      Funke
      
      Jacobs
      
      Persaud
      
      aye wr (1)
      
      Avella

co-Sponsors

View additional co-sponsors

2017-S6929 (ACTIVE) - Details

See Assembly Version of this Bill:: A9713
Current Committee:: Senate Rules
Law Section:: Real Property Tax Law
Laws Affected:: Add §467-k, RPT L
Versions Introduced in Other Legislative Sessions:: 2019-2020: S1062, A6850
2021-2022: S103

2017-S6929 (ACTIVE) - Summary

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.

2017-S6929 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S6929

SPONSOR: PERSAUD
 
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:

The purpose of this bill is to allow seniors to remain in their homes as
the value of the property continues to rise.

 
SUMMARY OF PROVISIONS:

Section 1: Adds a new section to the Real Property Tax law to grant
property tax deferment to senior citizen homeowners who reside in city
with a population of one million or more people.

Section 2: Effective Date.

JUSTIFICATION:

Cities with a population of million or more continue to experience expo-
nential population growth, which has led to an affordable housing crisis
in these metropolitan areas. As the value of real property (and accompa-
nying taxes) has risen, senior homeowners have become particularly
vulnerable to shifts in the housing market, especially with fixed
incomes that are unable to absorb tax increases.

This legislation 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. Currently, twenty-eight states and the District of Columbia
offer similar programs for senior homeowners.

It is important to note that only the increases in real property tax
would be deferred, not the entire tax. The tax deferment for seniors
will not result in a monetary loss for the state.

By allowing seniors to remain in their homes, they can maintain impor-
tant 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 commu-
nity, coupled with familiarity of certain locations.  Often times,
seniors tend to live in older buildings that often require repairs. Old
houses in cities occupied by the elderly are more likely to have phys-
ical problems than newer houses. By deferring the increase in real prop-
erty tax, seniors will be able to maintain their homes and a safe living
environment. In addition, the recent rise in fuel costs is another exam-
ple 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 2017, the New York City Council enacted legislation (Local Law No.
140) which increased the maximum income level for the Senior Citizen
Homeowner's Exemption (SCHE) and Disabled Homeowner's Exemption (DHE)
program from $50,000 to $58,400. While this program offers property tax
relief for senior citizen homeowners, a tax deferral program, as
proposed in this legislation, will help senior homeowners avoid the
burden of rising property tax increases and enable them to remain in
their home.

 
PRIOR LEGISLATIVE HISTORY:

A3683 (2013);
A3393 (2011-2012);
A5323/S4501 (2009-2010);
A6480(2007-2008);
A11822 of (2005-2006)

 
FISCAL IMPLICATIONS:

Undetermined.

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

2017-S6929 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6929
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             October 25, 2017
                                ___________
 
 Introduced  by  Sen. PERSAUD -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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-k to read as follows:
   § 467-K. 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-EIGHT  THOU-
 SAND  FOUR HUNDRED 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,  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 CAPI-
 TAL 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 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.

                                                            LBD13601-02-7

 S. 6929                             2
 
 MENT OF THE CITY'S FISCAL YEAR FOR WHICH AN APPLICATION FOR  TAX  DEFER-
 MENT 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.
   § 2. This act shall take effect on the one hundred eightieth day after
 it shall have become a law.

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