NY S01328

Establishes a 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 assessments equal three times the enhanced STAR exempt amount (or 50% in counties within cities of one million+ residents), but cannot exceed the parcel's taxable assessed value for county purposes.

State Commissioner of Taxation and Finance processes and pays Co-STAR rebates equal to the Co-STAR assessment multiplied by the applicable county tax rate, funded through a dedicated Co-STAR special fund.

Provides city income tax credits for seniors age 65+ of $120 for joint filers/surviving spouses and $60 for single filers beginning in taxable year 2018.

Takes effect immediately; Co-STAR assessments apply to assessment rolls filed in 2018 and thereafter, with rebates available for county fiscal years beginning in 2019 and thereafter.