Caps the amount of real property taxes required to be paid on primary residences by persons over sixty-five years of age.

New York A07872 amends the real property tax law to cap the amount of real property taxes for primary residences of individuals aged sixty-five and older. To qualify, individuals must be sixty-five years of age or older, own or jointly own a single-family residence, and declare it as their primary residence. The tax cap applies to the year the individual turns sixty-five, freezing their tax obligation at that level. The exemption remains in effect as long as the individual maintains ownership and residency of the property.

Caps the amount of real property taxes required to be paid on primary residences by persons over sixty-five years of age.

New York A07872 amends the real property tax law to cap the amount of real property taxes for primary residences of individuals aged sixty-five and older. To qualify, individuals must be sixty-five years of age or older, own or jointly own a single-family residence, and declare it as their primary residence. The tax cap applies to the year the individual turns sixty-five, freezing their tax obligation at that level. The exemption remains in effect as long as the individual maintains ownership and residency of the property.