Property Tax Deferral
This is an optional home equity conversion program that municipalities may elect to offer to older homeowners. Using a participating financial lender, a homeowner's property taxes are paid through loans made against the equity in his/her home. The loan amount, and any accompanying fees and interest charges, accumulate over time and are repaid at a future date, typically through the sale of the home.
While property tax deferral programs exist in a number of other states, currently there is no general law allowing local governments in New York State to establish a property tax deferral program.
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