NY A02279

Allows cities with populations between 250,000 and 300,000 (per latest decennial census) to adopt a local law granting a senior citizen longtime resident property tax exemption after conducting a public hearing.

Exemption applies to one-, two-, or three-family residential properties in census tracts with median income not exceeding $16,056 (2010 census), with property serving as primary residence of at least one owner.

Requires applicants to be at least 65 years old (or one owner if married/siblings), own and reside in property for 25+ consecutive years, and have total household income not exceeding $30,000 in preceding income tax year.

Exemption amount equals the difference between current assessment and "base assessment" (assessment from year before exemption first granted), excluding increases from physical improvements, exemption removals, or revaluations with percentage increases equal to or less than applicable change in level of assessment.

County governments may enact the same exemption once a city has adopted it; exemption discontinues upon ownership transfer or failure to meet eligibility requirements; annual application required by taxable status date.