NY S07696

Allows municipalities to adopt a local law providing a real property tax cap for owners age 70 or older (or married couples with one spouse age 70+) that freezes taxes at the amount payable when the application is made.

Property must be the owner's legal residence used exclusively for residential purposes, with combined owner income not exceeding $70,000 in the year before application.

Owner must have held title to the property for at least 36 consecutive months prior to application, with exceptions for property inherited from a deceased spouse or transferred between spouses.

Municipalities must notify residential property owners of the tax cap program and establish an application process through the local assessor, with annual renewal requirements and at least 60 days' notice before taxable status dates.

Applicants who make willful false statements on their application face a fine of up to $100 and permanent disqualification from the tax cap.