NY S04579

Creates optional real property tax cap for owners age 70 and over (or married couples with one spouse age 70+) that freezes taxes at amounts payable when application is made, if the municipality adopts a local law authorizing the program.

Requires owner income not to exceed $70,000 (combined for married couples) in the year prior to application and property ownership of at least 36 consecutive months; ownership time transfers between spouses upon death or voluntary transfer.

Limits cap eligibility to residential properties used exclusively for residential purposes (or caps only the residential portion of mixed-use property) where the owner legally resides and occupies the property.

Requires municipalities to notify residential property owners of the tax cap program through notices or legends on tax bills stating the application deadline and directing inquiries to the local assessor.

Takes effect February 1st following enactment and applies to assessment rolls prepared on or after that date; violations involving willful false statements on applications are punishable by fines up to $100 and disqualification from future caps.