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Old Today, 10:24 AM
 
Location: NY
3,994 posts, read 1,026,359 times
Reputation: 2344

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Back in January of 2019 the city council quietly passed a new bill allowing low income home owners
to put off paying property taxes. Home owners over 65 and earning less than $58,400 qualify.
Once the home owner dies or the house is sold the city would then collect the accumulated tax debt
interest free when the house changes hands.


Does anyone know if the mayor signed this bill into law ?




What is your opinion on this bill?
Curious minds would like to know.
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Old Today, 11:15 AM
 
Location: Lower East Side, NYC
2,150 posts, read 1,409,441 times
Reputation: 1557
Aren't property taxes low? My friend in Queens Village is paying $4-5k/yr for his converted 2 family to single family while people in the 'burbs are paying $20-30k/yr. Seems like low hanging fruit and shooting oneself (the city) in the foot. Low income at that age could also be mucked with if you're just getting minimal distributions.
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Old Today, 03:03 PM
 
Location: Beautiful Pelham Parkway,The Bronx
8,496 posts, read 20,435,880 times
Reputation: 6389
Quote:
Originally Posted by Mr.Retired View Post
Back in January of 2019 the city council quietly passed a new bill allowing low income home owners
to put off paying property taxes. Home owners over 65 and earning less than $58,400 qualify.
Once the home owner dies or the house is sold the city would then collect the accumulated tax debt
interest free when the house changes hands.


Does anyone know if the mayor signed this bill into law ?




What is your opinion on this bill?
Curious minds would like to know.
Sounds great. I hope he signed it. Seniors shouldn't lose their homes because they don't have the money to pay taxes and the city would wind up housing them anyway at higher cost and never get a dime back.

Will there be a holes who will manipulate things to get in on the deal when they aren't really qualified? Of course.

Many,maybe most municipalities already do this anyway even if there is no law guaranteeing it. They just quietly let things slide, put a lien on the property and wait for there to be a transfer to collect.
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Old Today, 03:05 PM
 
72,259 posts, read 72,198,066 times
Reputation: 49797
Many in our area have seen taxes double on their homes in to the 9-12k range . But remember unlike other areas like Long Island we have a city income tax too
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Old Today, 06:23 PM
 
21,006 posts, read 13,922,009 times
Reputation: 14642
Don't know nothing about death, but Albany and city did raise limit for "low income" seniors and property taxes.

https://www.tax.ny.gov/pdf/publicati...pts/senior.pdf

https://www1.nyc.gov/site/finance/be...ords-sche.page
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