Tuesday, February 5, 2019
City Council unanimous bill proposal gives tax deferments to senior citzen homeowners
Without fanfare or much opposition, the City Council last week passed a new bill that allows low-income, senior homeowners to put off paying property taxes for the rest of their lives.
The bill, now awaiting Mayor de Blasio’s signature, represents a sweeping change for city homeowners — for the first time, allowing qualified owners full tax deferral essentially until death.
The new bill will permit homeowners over 65 years old and earning less than $58,400 a year to apply for a property tax deferment. The deferral would allow them to pay just some — or even none — of their property taxes until they die or the house is sold.
The city then would collect the accumulated tax debt — without interest — when the house changes hands.
The new tax deferral could be available to an estimated 17,000 homeowners in Queens, a spokesman for the City Council said.