NY S03769

Establishes a capped real property school tax rate for residential property owned by persons age 70 or older who meet enhanced STAR exemption requirements, subject to school district adoption by resolution after public hearing.

The capped rate equals the lower of the school tax rate when the owner turns 70 or any subsequently lower rate established on later taxable status dates.

Eligible persons must apply annually to their local assessor by the taxable status date, with applications requiring proof of age in a form determined by the state board.

School districts must notify property owners about the program through specified notice language and are eligible for 100 percent reimbursement of direct implementation costs from the Department of Education.

Takes effect January 1 following enactment and applies to assessment rolls prepared on or after the effective date.