NY S01065

Allows municipal corporations in New York to adopt local laws granting property tax exemptions to senior citizen longtime residents after conducting a public hearing.

Requires eligible properties to be one- to three-family residential homes in census tracts with median income not exceeding $16,056 (2010 census data), with one or more owners at least 65 years old.

Mandates at least one owner has continuously owned and resided in the property for 25+ consecutive years and total household income does not exceed $30,000 in the preceding tax year.

Exempts property from taxation on assessed value increases exceeding the "base assessment" (the assessment from the year before exemption was granted), excluding increases from physical improvements, exemption removals, or revaluations proportional to municipal assessment changes.

Requires annual applications submitted by the taxable status date; exemption terminates upon property transfer or loss of eligibility, with assessor notice required.