NY S00638

Expands the property tax exemption for residential property construction to provide living quarters for elderly or disabled relatives to include "eligible persons" beyond just parents and grandparents age 62 or older.

Defines "eligible person" to include individuals age 62 or older, siblings, spouses, or persons with disabilities who meet specific requirements related to federal disability benefits or physician certification.

Persons with disabilities must provide proof of receiving Social Security Disability Insurance, Supplemental Security Income, VA disability benefits, medical assistance based on disability determination, physician certification of permanent physical impairment, or blindness certification.

Maintains the existing exemption cap at the lesser of: the increase in assessed value, 20 percent of total assessed value, or 20 percent of median residential sale price for the county.

Exemption applies only when at least one eligible person maintains primary residence in the newly constructed or reconstructed living quarters, with effect taking place immediately upon enactment.