NY S01480

Establishes a capped real property school tax rate for residential properties owned and occupied by persons age 70 or older who qualify for the enhanced STAR exemption, subject to school district adoption of a resolution.

Defines the capped rate as the lower of the school tax rate when the person turns 70 or any subsequently lower school tax rate established on later taxable status dates.

Requires eligible persons to apply annually with the local assessor on or before the taxable status date, providing proof of age.

Mandates school districts notify residential property owners of the program availability through notice to local assessors.

Provides for 100 percent state reimbursement to school districts for direct costs of implementing the capped rate program, with reimbursement amounts calculated and claimed per Department of Education regulations.