NY S01688

Municipalities may adopt a local law to grant senior citizen longtime resident exemptions from property taxation and special ad valorem levies after conducting a public hearing.

Eligible properties must be one-, two-, or three-family residential properties serving as primary residence in census tracts with median income not exceeding $16,056 (2010 census), with at least one owner age 65 or older and total household income not exceeding $30,000.

One or more owners must have owned and resided in the property for at least 25 consecutive years to qualify for the exemption.

Exemption amount equals the difference between the property's current assessment and its "base assessment" (the assessment from the year before the exemption was first granted), excluding increases from physical improvements, removal of existing exemptions, or revaluations with percentage increases less than or equal to the change in level of assessment.

Applications must be filed annually with the assessor by the taxable status date; exemptions terminate upon property transfer or loss of eligibility.