NY S06868

Increases the income threshold for real property school tax exemption for persons 65 years of age or over from twenty-nine thousand dollars to fifty thousand dollars, effective July 1, 2016, in high-appreciation municipalities.

Defines "high-appreciation municipality" as: (A) a special assessing unit that is a city, (B) a county where the commissioner established a sales price differential factor for the STAR exemption in three consecutive years, or (C) a city, town, village or school district wholly or partly located within such a county.

Allows municipalities to set income thresholds between three thousand and fifty thousand dollars through local law, ordinance, or resolution.

Applies the exemption based on the owner's income for the tax year immediately preceding the exemption application date.