NY A10570

Allows cities with populations between 250,000 and 300,000 to adopt a local law establishing a senior citizen longtime resident property tax exemption, with counties able to enact similar provisions once a city adopts them.

Exempts qualifying one-, two-, or three-family residential properties located in census tracts with median income not exceeding $16,056 (2010 census data) from taxation on the portion of assessment exceeding the "base assessment."

Requires eligible property owners to be at least 65 years old, have owned and resided in the property for 25 consecutive years, maintain household income not exceeding $30,000 annually, and use the property as their primary residence.

Denies exemptions for assessment increases resulting from physical improvements, removal of other exemptions like STAR, or revaluations resulting in percentage increases equal to or less than the applicable change in level of assessment.

Requires annual application submission by the taxable status date and mandates the assessor mail application forms and notices by December 1st each year; exemption discontinues upon ownership transfer or failure to meet eligibility criteria.