NY S04811

Creates a senior citizen school tax freeze exemption for property owners age 65 or older (or married couples/siblings where one is 65+ and youngest is at least 62) who have resided in the same school district for 30+ years and have no children enrolled in that district, subject to income eligibility standards.

Establishes a tax freeze based on the amount paid in the year the owner turns 65, with exemptions increasing annually from 10% in year one to 100% by year ten and thereafter.

Limits exemption eligibility to one-, two-, or three-family residences, farm dwellings, and residential condominiums or cooperatives serving as the owner's primary residence.

Requires school districts to submit applications to the Commissioner for state aid to compensate for tax savings provided by the exemption, with state aid payable from the state comptroller.

Applies to assessment rolls prepared on taxable status dates occurring on or after January 1 following the law's effective date, with special provisions for the City of New York establishing March 15 as the application deadline.