NY S05389

Establishes Co-STAR (County STAR) program providing county tax rebates to senior citizens age 65+ who receive enhanced STAR property tax exemptions, with no separate application required.

Co-STAR assessment equals three times the enhanced STAR exempt amount (or 50% in counties within cities with population over 1 million), but cannot exceed the parcel's taxable assessed value for county purposes.

Department of Taxation and Finance calculates and pays rebates equal to Co-STAR assessment multiplied by applicable county tax rate, utilizing assessment roll data files and county tax rate information submitted by local officials.

Rebate payments withheld if county taxes remain unpaid; owner-applicants must obtain confirmation of full tax payment to release withheld rebates, with processing allowed no more than twice per calendar year.

Provides city income tax credits of $120 for married filers and $60 for others for tax years beginning after 2016; takes effect immediately with property tax provisions applying to assessment rolls filed in 2017 and rebate provisions applying to county fiscal years beginning in 2018.