Bill Text: NY A01830 | 2017-2018 | General Assembly | Introduced
Bill Title: Provides for the imposition of a fixed real property assessed value on residential property owned by persons 65 years of age or older, when such owners have a combined annual income of $100,000 or less and the property taxes on such property equals or exceeds 6% of the owners' combined annual income; provides for state reimbursement to municipalities for tax revenue lost pursuant to such fixed real property assessed value.
Spectrum: Moderate Partisan Bill (Republican 7-1)
Status: (Introduced - Dead) 2017-01-13 - referred to real property taxation [A01830 Detail]
Download: New_York-2017-A01830-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 1830 2017-2018 Regular Sessions IN ASSEMBLY January 13, 2017 ___________ Introduced by M. of A. McLAUGHLIN -- read once and referred to the Committee on Real Property Taxation AN ACT to amend the real property tax law, in relation to providing for a fixed real property assessed value for residential real property owned by certain persons sixty-five years of age or older, and provid- ing state reimbursement to municipalities for lost real property tax revenue The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The real property tax law is amended by adding a new 2 section 431 to read as follows: 3 § 431. Persons sixty-five years of age or older; fixed real property 4 assessed value. 1. Residential real property owned and occupied as the 5 primary residence, for ten or more consecutive years, of one or more 6 persons, each of whom is sixty-five years of age or older and all of 7 whom have a combined annual income of one hundred thousand dollars or 8 less for the income tax year immediately preceding the date of applica- 9 tion when the real property taxes on such residential real property 10 equals or exceeds six percent of such persons' combined annual income, 11 or residential real property owned and occupied as the primary resi- 12 dence, for ten or more consecutive years, of a husband and wife, one of 13 whom is sixty-five years of age or older and both of whom have a 14 combined annual income of one hundred thousand dollars or less for the 15 income tax year immediately preceding the date of application when the 16 real property taxes on such residential real property equals or exceeds 17 six percent of such husband's and wife's combined annual income, shall 18 be eligible for the fixed real property assessed value established by 19 this section. 20 2. For the purposes of this section, the following terms shall have 21 the following meanings: 22 (a) "Fixed real property assessed value" shall mean the lower of: EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD04311-01-7A. 1830 2 1 (i) the assessed value of real property established on the taxable 2 status date next succeeding the date on which an eligible real property 3 owner attains the age of sixty-five years; or 4 (ii) the assessed value of real property established on any taxable 5 status date subsequent to the date upon which an eligible real property 6 owner attains the age of sixty-five years, which is lower than the 7 assessed value established pursuant to subparagraph (i) of this para- 8 graph. 9 (b) "Residential real property" shall mean any one or two family 10 dwelling, including condominium units and cooperative units. 11 3. Each taxing authority shall annually determine the fixed real prop- 12 erty assessed value for each eligible real property owner. 13 4. Any person eligible for the fixed real property assessed value 14 shall annually apply to the appropriate assessing unit for such fixed 15 assessed value. Such application shall be made in such manner and form 16 as shall be determined by the commissioner, and shall require proof of 17 the applicants' ages and incomes. Such applications shall be filed on or 18 before the taxable status date of the real property. 19 5. Every assessing unit shall notify or cause to be notified, each 20 person owning residential real property within its jurisdiction, of the 21 provisions of this section. Such notice shall be and include words which 22 are substantially the following: "Residential real property owned by 23 persons sixty-five years of age or older and having a combined annual 24 income of one hundred thousand dollars or less, when the real property 25 taxes on such property equal or exceed six percent of the combined annu- 26 al income of the owners, may be eligible for a fixed real property 27 assessed value. To receive such fixed assessed value, eligible owners 28 of qualifying real property must file an application with their local 29 assessor on or before the taxable status date. For further information, 30 please contact your local assessor." 31 § 2. The real property tax law is amended by adding a new section 901 32 to read as follows: 33 § 901. Effect of fixed real property assessed value upon taxing 34 authorities; state aid. 1. Levy of taxes; determination of taxes due. 35 The amount of taxes to be levied for any taxable year shall be deter- 36 mined without regard to the fact that state aid will be payable pursuant 37 to this section. In addition, the tax rate for any taxable year shall be 38 determined as if no parcels are subject to a fixed real property 39 assessed value pursuant to section four hundred thirty-one of this chap- 40 ter. However, the tax rate so determined shall be applied to the taxable 41 assessed value of each parcel after accounting for all applicable 42 exemptions. 43 2. Tax savings. The tax savings for each parcel subject to a fixed 44 real property assessed value pursuant to section four hundred thirty-one 45 of this chapter shall be computed by subtracting the amount actually 46 levied against the parcel from the amount that would have been levied if 47 not for the fixed real property assessed value. A statement shall then 48 be placed on the tax bill for the parcel in substantially the following 49 form: "Your tax savings this year resulting from the fixed real property 50 assessed value is $____." 51 3. State aid. (a) The total tax savings duly provided by each taxing 52 authority pursuant to this section shall be a state charge, which shall 53 be payable as provided in this subdivision. 54 (b) A taxing authority seeking state aid pursuant to this section 55 shall submit an application therefor to the commissioner. The applica- 56 tion shall include such information as the commissioner shall require.A. 1830 3 1 In addition, each taxing authority shall file a copy of such application 2 with the county clerk of the county in which an eligible parcel is situ- 3 ate. 4 (c) Upon approving an application for state aid pursuant to this 5 section, the commissioner shall compute and certify the amounts payable 6 to the taxing authority. Such state aid shall be payable upon the audit 7 and warrant of the state comptroller from vouchers certified and 8 approved by the commissioner. 9 (d) The commissioner may audit an application for state aid pursuant 10 to this section within one year after authorizing payment thereon. If 11 the commissioner should discover that a taxing authority has received a 12 greater or lesser amount of such aid than it should have received, the 13 commissioner shall so notify the taxing authority, and shall cause the 14 next payment of such aid to the taxing authority to be adjusted accord- 15 ingly. 16 4. Installment payments. When real property taxes are payable in 17 installments pursuant to law, the tax savings provided by this section 18 shall be applied proportionally against the respective installments. 19 5. Untimely payment of taxes. When taxes on a property subject to a 20 fixed real property assessed value pursuant to section four hundred 21 thirty-one of this chapter are not paid in a timely manner, interest, 22 penalties and any other applicable charges shall be imposed only against 23 the balance due after the tax savings provided by this section have been 24 deducted from the taxes owed. 25 § 3. This act shall take effect immediately and shall apply to real 26 property with a taxable status date after such date.
