NY S01665

Authorizes counties, cities, towns, villages, and school districts to exempt increases in assessed value from taxation when residential property is constructed or reconstructed to provide living quarters for a parent or grandparent age 62 or older, or an eligible person.

Limits exemption to the lesser of: the increase in assessed value from construction, 20 percent of total assessed property value, or 20 percent of the median sale price for residential property in that county.

Exemption applies only to construction occurring after the law's effective date and only during years when at least one eligible occupant maintains a primary residence in the living quarters.

Defines "eligible person" to include individuals age 62 or older, married couples with one spouse age 62 or older, or persons with disabilities, provided they are within three degrees of consanguinity or affinity to the property owner.

Persons with disabilities must prove eligibility through federal disability benefits, veterans benefits, medical assistance based on disability determination, physician certification of permanent physical impairment, or a certificate of legal blindness from the state.