NY S03195

Establishes a capped real property school tax rate for residential properties owned and occupied by persons age 70 or older who qualify for the enhanced STAR exemption, or by married couples where at least one spouse is age 70 or older and qualifies.

The capped rate is the lower of either the tax rate on the taxable status date when the eligible person turned 70, or any subsequently lower tax rate in subsequent years.

Eligible persons must apply annually for the capped rate with proof of age, filing with their local assessor on or before the taxable status date.

School districts must adopt a resolution to provide the capped rate and notify property owners of the program through standardized notice language.

School districts offering this program receive 100% reimbursement from the Department of Education for direct costs, calculated per regulations developed by the Commissioner of Education in consultation with the Commissioner of Taxation and Finance.