NY A07160

Establishes a capped real property school tax rate for residential property owned and occupied by persons age 70 or older who qualify for the enhanced STAR exemption, with school district adoption of a resolution required.

The capped rate equals the lower of either the school tax rate when the person turns 70 or any subsequently lower school tax rate established in following years.

Eligible persons must apply annually to their local assessor on or before the taxable status date, providing proof of age.

School districts must notify property owners about the program 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 that date.