NY A02394

Authorizes counties, cities, towns, villages, and school districts to exempt from taxation the increase in assessed value of residential property from construction or reconstruction of living quarters for a parent or grandparent age 62 or older, or an eligible person.

Expands eligible persons to include individuals with disabilities who are related to the property owner within three degrees of consanguinity or affinity, in addition to seniors age 62 or older.

Requires eligible persons with disabilities to provide proof of receipt of Social Security Disability Insurance, Supplemental Security Income, Veterans Affairs disability benefits, medical assistance based on disability determination, physician certification of permanent physical impairment, or blindness certification.

Limits exemption to the lesser of: the increase in assessed value from construction, 20 percent of total assessed property value, or 20 percent of the median sale price for residential property in that county.

Exemption applies only to construction occurring after the effective date and only during tax years when at least one eligible person maintains primary residence in the living quarters.