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.
STATE OF NEW YORK
________________________________________________________________________
10745
IN ASSEMBLY
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:
1 Section 1. Section 467 of the real property tax law is amended by
2 adding a new subdivision 1-a to read as follows:
3 1-a. Notwithstanding any provision of state or local law, rule, regu-
4 lation or ordinance to the contrary, for the purposes of determining
5 taxation under this chapter, the assessed value of real property owned
6 by one or more persons, each of whom is sixty-five years of age or over,
7 shall not be increased beyond the assessed value determined on the valu-
8 ation date occurring most recently before the date all such persons
9 reached the age of sixty-five, regardless of the actual assessed value
10 of such real property at the time of taxation.
11 § 2. This act shall take effect immediately, and shall apply to taxa-
12 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
