NY A08338

Authorizes counties, cities, towns, villages, and school districts to provide a supplemental real property tax exemption of $500 for qualified residential property owners.

Changes the duration of exemptions from a fixed ten-year period to indefinite duration, remaining in effect unless repealed through provisions in subdivision five of the statute.

Clarifies commencement dates for exemptions based on whether the qualified owner already owned the property when the local law or resolution was adopted, or acquired it afterward.

Allows exemption to transfer to replacement residential property if the original exempt property is sold, applying to the remaining assessment roll period rather than a fixed ten-year timeframe.

Takes effect immediately upon enactment.