NY S03508

Establishes a capped real property school tax rate for residential properties owned and occupied by persons age 67 or older with combined annual income of $60,000 or less

Capped rate is defined as the lower of either the school tax rate when the owner turns 67, or any subsequent lower rate established on a later taxable status date

Eligible persons must apply annually for the capped rate with proof of age, filing applications with their local assessor by the taxable status date

School districts must notify property owners of this program through written notice containing specified information about eligibility and application procedures

Takes effect January 1, 2014 and applies to assessment rolls prepared based on taxable status dates on or after that date