NY S09547

Establishes a capped real property school tax rate for residential properties owned by persons 70 years or older who meet enhanced STAR exemption requirements, subject to school district adoption by resolution after public hearing.

Capped rate is the lower of the school tax rate when the owner turns 70 or any subsequent lower rate established on later taxable status dates.

Eligible persons must apply annually to their local assessor with proof of age by the taxable status date, with application forms and procedures determined by the state board.

School districts must notify property owners of the program through a standardized notice informing them of eligibility and application requirements.

School districts implementing the program receive 100 percent reimbursement from the Department of Education for direct implementation costs, calculated per regulations from the education and taxation commissioners.