S T A T E   O F   N E W   Y O R K
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                                   1830
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             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:
 
   Section 1. The real property tax  law  is  amended  by  adding  a  new
 section 431 to read as follows:
   §  431.  PERSONS SIXTY-FIVE YEARS OF AGE OR OLDER; FIXED REAL PROPERTY
 ASSESSED VALUE.  1. RESIDENTIAL REAL PROPERTY OWNED AND OCCUPIED AS  THE
 PRIMARY  RESIDENCE,  FOR  TEN  OR MORE CONSECUTIVE YEARS, OF ONE OR MORE
 PERSONS, EACH OF WHOM IS SIXTY-FIVE YEARS OF AGE OR  OLDER  AND  ALL  OF
 WHOM  HAVE  A  COMBINED ANNUAL INCOME OF ONE HUNDRED THOUSAND DOLLARS OR
 LESS FOR THE INCOME TAX YEAR IMMEDIATELY PRECEDING THE DATE OF  APPLICA-
 TION  WHEN  THE  REAL  PROPERTY  TAXES ON SUCH RESIDENTIAL REAL PROPERTY
 EQUALS OR EXCEEDS SIX PERCENT OF SUCH PERSONS' COMBINED  ANNUAL  INCOME,
 OR  RESIDENTIAL  REAL  PROPERTY  OWNED AND OCCUPIED AS THE PRIMARY RESI-
 DENCE, FOR TEN OR MORE CONSECUTIVE YEARS, OF A HUSBAND AND WIFE, ONE  OF
 WHOM  IS  SIXTY-FIVE  YEARS  OF  AGE  OR  OLDER  AND BOTH OF WHOM HAVE A
 COMBINED ANNUAL INCOME OF ONE HUNDRED THOUSAND DOLLARS OR LESS  FOR  THE
 INCOME  TAX  YEAR IMMEDIATELY PRECEDING THE DATE OF APPLICATION WHEN THE
 REAL PROPERTY TAXES ON SUCH RESIDENTIAL REAL PROPERTY EQUALS OR  EXCEEDS
 SIX  PERCENT  OF SUCH HUSBAND'S AND WIFE'S COMBINED ANNUAL INCOME, SHALL
 BE ELIGIBLE FOR THE FIXED REAL PROPERTY ASSESSED  VALUE  ESTABLISHED  BY
 THIS SECTION.
   2.  FOR  THE  PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE
 THE FOLLOWING MEANINGS:
   (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.
              

                                                            LBD04311-01-7

 A. 1830                             2
 
   (I) THE ASSESSED VALUE OF REAL PROPERTY  ESTABLISHED  ON  THE  TAXABLE
 STATUS  DATE NEXT SUCCEEDING THE DATE ON WHICH AN ELIGIBLE REAL PROPERTY
 OWNER ATTAINS THE AGE OF SIXTY-FIVE YEARS; OR
   (II)  THE  ASSESSED  VALUE OF REAL PROPERTY ESTABLISHED ON ANY TAXABLE
 STATUS DATE SUBSEQUENT TO THE DATE UPON WHICH AN ELIGIBLE REAL  PROPERTY
 OWNER  ATTAINS  THE  AGE  OF  SIXTY-FIVE  YEARS, WHICH IS LOWER THAN THE
 ASSESSED VALUE ESTABLISHED PURSUANT TO SUBPARAGRAPH (I)  OF  THIS  PARA-
 GRAPH.
   (B)  "RESIDENTIAL  REAL  PROPERTY"  SHALL  MEAN  ANY ONE OR TWO FAMILY
 DWELLING, INCLUDING CONDOMINIUM UNITS AND COOPERATIVE UNITS.
   3. EACH TAXING AUTHORITY SHALL ANNUALLY DETERMINE THE FIXED REAL PROP-
 ERTY ASSESSED VALUE FOR EACH ELIGIBLE REAL PROPERTY OWNER.
   4. ANY PERSON ELIGIBLE FOR THE  FIXED  REAL  PROPERTY  ASSESSED  VALUE
 SHALL  ANNUALLY  APPLY  TO THE APPROPRIATE ASSESSING UNIT FOR SUCH FIXED
 ASSESSED VALUE.  SUCH APPLICATION SHALL BE MADE IN SUCH MANNER AND  FORM
 AS  SHALL  BE DETERMINED BY THE COMMISSIONER, AND SHALL REQUIRE PROOF OF
 THE APPLICANTS' AGES AND INCOMES. SUCH APPLICATIONS SHALL BE FILED ON OR
 BEFORE THE TAXABLE STATUS DATE OF THE REAL PROPERTY.
   5. EVERY ASSESSING UNIT SHALL NOTIFY OR CAUSE  TO  BE  NOTIFIED,  EACH
 PERSON  OWNING RESIDENTIAL REAL PROPERTY WITHIN ITS JURISDICTION, OF THE
 PROVISIONS OF THIS SECTION. SUCH NOTICE SHALL BE AND INCLUDE WORDS WHICH
 ARE SUBSTANTIALLY THE FOLLOWING: "RESIDENTIAL  REAL  PROPERTY  OWNED  BY
 PERSONS  SIXTY-FIVE  YEARS  OF AGE OR OLDER AND HAVING A COMBINED ANNUAL
 INCOME OF ONE HUNDRED THOUSAND DOLLARS OR LESS, WHEN THE  REAL  PROPERTY
 TAXES ON SUCH PROPERTY EQUAL OR EXCEED SIX PERCENT OF THE COMBINED ANNU-
 AL  INCOME  OF  THE  OWNERS,  MAY  BE ELIGIBLE FOR A FIXED REAL PROPERTY
 ASSESSED VALUE.  TO RECEIVE SUCH FIXED ASSESSED VALUE,  ELIGIBLE  OWNERS
 OF  QUALIFYING  REAL  PROPERTY MUST FILE AN APPLICATION WITH THEIR LOCAL
 ASSESSOR ON OR BEFORE THE TAXABLE STATUS DATE. FOR FURTHER  INFORMATION,
 PLEASE CONTACT YOUR LOCAL ASSESSOR."
   §  2. The real property tax law is amended by adding a new section 901
 to read as follows:
   § 901. EFFECT OF  FIXED  REAL  PROPERTY  ASSESSED  VALUE  UPON  TAXING
 AUTHORITIES;  STATE  AID.  1. LEVY OF TAXES; DETERMINATION OF TAXES DUE.
 THE AMOUNT OF TAXES TO BE LEVIED FOR ANY TAXABLE YEAR  SHALL  BE  DETER-
 MINED WITHOUT REGARD TO THE FACT THAT STATE AID WILL BE PAYABLE PURSUANT
 TO THIS SECTION. IN ADDITION, THE TAX RATE FOR ANY TAXABLE YEAR SHALL BE
 DETERMINED  AS  IF  NO  PARCELS  ARE  SUBJECT  TO  A FIXED REAL PROPERTY
 ASSESSED VALUE PURSUANT TO SECTION FOUR HUNDRED THIRTY-ONE OF THIS CHAP-
 TER. HOWEVER, THE TAX RATE SO DETERMINED SHALL BE APPLIED TO THE TAXABLE
 ASSESSED VALUE OF  EACH  PARCEL  AFTER  ACCOUNTING  FOR  ALL  APPLICABLE
 EXEMPTIONS.
   2.  TAX  SAVINGS.  THE  TAX SAVINGS FOR EACH PARCEL SUBJECT TO A FIXED
 REAL PROPERTY ASSESSED VALUE PURSUANT TO SECTION FOUR HUNDRED THIRTY-ONE
 OF THIS CHAPTER SHALL BE COMPUTED BY  SUBTRACTING  THE  AMOUNT  ACTUALLY
 LEVIED AGAINST THE PARCEL FROM THE AMOUNT THAT WOULD HAVE BEEN LEVIED IF
 NOT  FOR  THE FIXED REAL PROPERTY ASSESSED VALUE. A STATEMENT SHALL THEN
 BE PLACED ON THE TAX BILL FOR THE PARCEL IN SUBSTANTIALLY THE  FOLLOWING
 FORM: "YOUR TAX SAVINGS THIS YEAR RESULTING FROM THE FIXED REAL PROPERTY
 ASSESSED VALUE IS $____."
   3.  STATE  AID. (A) THE TOTAL TAX SAVINGS DULY PROVIDED BY EACH TAXING
 AUTHORITY PURSUANT TO THIS SECTION SHALL BE A STATE CHARGE, WHICH  SHALL
 BE PAYABLE AS PROVIDED IN THIS SUBDIVISION.
   (B)  A  TAXING  AUTHORITY  SEEKING  STATE AID PURSUANT TO THIS SECTION
 SHALL SUBMIT AN APPLICATION THEREFOR TO THE COMMISSIONER.  THE  APPLICA-
 TION  SHALL  INCLUDE SUCH INFORMATION AS THE COMMISSIONER SHALL REQUIRE.

 A. 1830                             3
 
 IN ADDITION, EACH TAXING AUTHORITY SHALL FILE A COPY OF SUCH APPLICATION
 WITH THE COUNTY CLERK OF THE COUNTY IN WHICH AN ELIGIBLE PARCEL IS SITU-
 ATE.
   (C)  UPON  APPROVING  AN  APPLICATION  FOR  STATE AID PURSUANT TO THIS
 SECTION, THE COMMISSIONER SHALL COMPUTE AND CERTIFY THE AMOUNTS  PAYABLE
 TO  THE TAXING AUTHORITY. SUCH STATE AID SHALL BE PAYABLE UPON THE AUDIT
 AND WARRANT  OF  THE  STATE  COMPTROLLER  FROM  VOUCHERS  CERTIFIED  AND
 APPROVED BY THE COMMISSIONER.
   (D)  THE  COMMISSIONER MAY AUDIT AN APPLICATION FOR STATE AID PURSUANT
 TO THIS SECTION WITHIN ONE YEAR AFTER AUTHORIZING  PAYMENT  THEREON.  IF
 THE  COMMISSIONER SHOULD DISCOVER THAT A TAXING AUTHORITY HAS RECEIVED A
 GREATER OR LESSER AMOUNT OF SUCH AID THAN IT SHOULD HAVE  RECEIVED,  THE
 COMMISSIONER  SHALL  SO NOTIFY THE TAXING AUTHORITY, AND SHALL CAUSE THE
 NEXT PAYMENT OF SUCH AID TO THE TAXING AUTHORITY TO BE ADJUSTED  ACCORD-
 INGLY.
   4.  INSTALLMENT  PAYMENTS.  WHEN  REAL  PROPERTY  TAXES ARE PAYABLE IN
 INSTALLMENTS PURSUANT TO LAW, THE TAX SAVINGS PROVIDED BY  THIS  SECTION
 SHALL BE APPLIED PROPORTIONALLY AGAINST THE RESPECTIVE INSTALLMENTS.
   5.  UNTIMELY  PAYMENT  OF TAXES. WHEN TAXES ON A PROPERTY SUBJECT TO A
 FIXED REAL PROPERTY ASSESSED VALUE  PURSUANT  TO  SECTION  FOUR  HUNDRED
 THIRTY-ONE  OF  THIS  CHAPTER ARE NOT PAID IN A TIMELY MANNER, INTEREST,
 PENALTIES AND ANY OTHER APPLICABLE CHARGES SHALL BE IMPOSED ONLY AGAINST
 THE BALANCE DUE AFTER THE TAX SAVINGS PROVIDED BY THIS SECTION HAVE BEEN
 DEDUCTED FROM THE TAXES OWED.
   § 3. This act shall take effect immediately and shall  apply  to  real
 property with a taxable status date after such date.