Permits a real property tax freeze to be granted to certain persons sixty-five years of age or older

This bill allows cities with over 1 million residents to offer a real property tax freeze to homeowners aged 65 or older who own and occupy their primary residence (including single-family homes, farms, or condo/co-op units). To qualify, applicants must have gross income under $58,400 annually (including Social Security and retirement income but excluding gifts or inheritances) and apply yearly. If approved, the current tax rate is frozen permanently, with the accumulated amount becoming a lien on the property that must be paid if the freeze ends or the property is sold. Surviving spouses aged 62+ retain the freeze after the death of the older spouse, and the freeze expires if the homeowner fails to reapply annually.