NY S03492

Authorizes municipal corporations and school districts in counties with populations between 1.49 and 1.5 million to establish tax exemption programs for senior citizens age 65 and over residing in manufactured homes on rented land.

Eligible seniors must have combined income not exceeding the standard set in Real Property Tax Law section 425 and must apply annually to their local assessor with a signed agreement from their manufactured home park landlord.

Landlords participating in the program must reduce qualifying tenants' rent monthly by one-twelfth of the annual exemption amount and reimburse the municipality on a pro-rated basis if the tenant vacates during the taxable period.

Tax exemption amounts are calculated as a proportional share based on the percentage of qualifying homes to total lots in the park, multiplied by the annual tax increase on the park's common areas.

Municipalities and school districts administering the program receive state reimbursement for administrative costs; willful false statements in applications are punishable by fines up to $100 and disqualification for five years.