New York S04586 allows cities with a population of one million or more to grant a real property tax freeze to residents aged 65 and older.

New York S04586 amends the real property tax law to permit cities with a population of one million or more to grant a real property tax freeze for qualifying residents aged 65 and older. The freeze applies to the property taxes payable at the time of application and accrues without interest, creating a lien against the property. The freeze can be terminated by the property owner by paying the cumulative amount of the lien. The freeze remains in effect even after the death of the older spouse, provided the surviving spouse meets the age requirement.

New York S04586 allows cities with a population of one million or more to grant a real property tax freeze to residents aged 65 and older.

New York S04586 amends the real property tax law to permit cities with a population of one million or more to grant a real property tax freeze for qualifying residents aged 65 and older. The freeze applies to the property taxes payable at the time of application and accrues without interest, creating a lien against the property. The freeze can be terminated by the property owner by paying the cumulative amount of the lien. The freeze remains in effect even after the death of the older spouse, provided the surviving spouse meets the age requirement.