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Assembly Bill A10745

2025-2026 Legislative Session

Freezes the assessed value of real property owned by persons aged sixty-five or over, for the purposes of determining taxes owed on such property

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Current Bill Status - In Assembly Committee

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2025-A10745 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §467, RPT L

2025-A10745 (ACTIVE) - Summary

Freezes the assessed value of real property owned by persons aged 65 or over, for the purposes of determining taxes owed on such property, beginning on the date all of such persons reach the age of 65, regardless of the actual assessed value of the property at the time of taxation.

2025-A10745 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10745
 
                           I N  A S S E M B L Y
 
                              March 27, 2026
                                ___________
 
 Introduced  by M. of A. BRONSON -- read once and referred to the Commit-
   tee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to  freezing  the
   assessed  value  of  real property owned by persons aged sixty-five or
   over, for the purposes of determining taxes owed on such property
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  467  of  the real property tax law is amended by
 adding a new subdivision 1-a to read as follows:
   1-A. NOTWITHSTANDING ANY PROVISION OF STATE OR LOCAL LAW, RULE,  REGU-
 LATION  OR  ORDINANCE  TO  THE CONTRARY, FOR THE PURPOSES OF DETERMINING
 TAXATION UNDER THIS CHAPTER, THE ASSESSED VALUE OF REAL  PROPERTY  OWNED
 BY ONE OR MORE PERSONS, EACH OF WHOM IS SIXTY-FIVE YEARS OF AGE OR OVER,
 SHALL NOT BE INCREASED BEYOND THE ASSESSED VALUE DETERMINED ON THE VALU-
 ATION  DATE  OCCURRING  MOST  RECENTLY  BEFORE THE DATE ALL SUCH PERSONS
 REACHED THE AGE OF SIXTY-FIVE, REGARDLESS OF THE ACTUAL  ASSESSED  VALUE
 OF SUCH REAL PROPERTY AT THE TIME OF TAXATION.
   §  2. This act shall take effect immediately, and shall apply to taxa-
 ble years beginning on or after such date.
 
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD14575-01-6

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