NY S02169

Authorizes counties, cities, towns, villages, and school districts to exempt from taxation any increase in assessed value of residential property resulting from construction or reconstruction of living quarters for a parent or grandparent aged 62 or older, or another eligible person.

Exemption is limited to the lesser of: (a) the increase in assessed value from construction, (b) 20 percent of total assessed property value, or (c) 20 percent of the median sale price of residential property in the county.

Exemption applies only to construction or reconstruction occurring after the effective date and only during tax years when at least one eligible person maintains a primary residence in the living quarters.

Expands eligibility to include individuals aged 62 or older, multiple individuals including spouses or siblings (where one is 62 or older), and persons with disabilities who receive qualifying federal disability benefits or have a certified permanent physical impairment.

Persons with disabilities must submit proof to the assessor, including documentation of Social Security disability benefits, VA benefits, Medicaid eligibility based on disability, physician certification, or blindness certificate from the State Commission for the Blind and Visually Handicapped.