NY S06286

Reinstates the "Senior STAR" rebate program providing local property tax rebates to owners of parcels receiving enhanced STAR exemptions beginning with the 2012-2013 school year.

Calculates rebate amounts based on the exempt amount established for each school district segment multiplied by the applicable tax rate and then by 25% for 2012-2013 and 35% for subsequent years, with rebates capped at actual school taxes paid.

Requires the Department of Taxation and Finance to issue rebates only when appropriations are included in the enacted state budget; property owners must file applications by December 31, 2012 and provide income information to verify eligibility based on prior year income tax returns.

Establishes a maximum residential school tax credit equal to 70% of the amount by which a qualified taxpayer's net school tax exceeds 6% of household gross income up to $79,050, with special calculations for Buffalo, Rochester, Yonkers, Syracuse (67% of total tax bill) and New York City (50% of total tax bill).

Authorizes the Commissioner to develop procedures for issuing rebates and allows property owners to seek reconsideration of rebate determinations through March 31, 2013, with disputes subject to Article 78 of the Civil Practice Law and Rules.