NY S01767

Establishes a capped real property school tax rate for residential properties owned by persons age 70 or older who meet enhanced STAR exemption requirements, if the school district adopts a resolution providing therefor.

The capped rate is the lower of the school tax rate when the person turns 70 or any lower rate in subsequent years.

Eligible persons must apply annually to their local assessor on or before the taxable status date, providing proof of age.

School districts must notify all residential property owners about this provision and are eligible for 100 percent reimbursement from the Department of Education for direct implementation costs.

The act takes effect January 1 following its enactment and applies to assessment rolls prepared on or after that date.