NY A03733

Creates a new school property tax exemption for properties owned by one or more persons aged 75 or over, or by married couples/siblings where the oldest is 75+ and the youngest is 65+, if they have resided in the school district for at least 30 years and have no children enrolled there.

Exemption applies only to owner-occupied one, two, or three family residences, farm dwellings, or residential condominium/cooperative properties; partial exemptions available for properties partially used as primary residence.

Establishes income limits starting at $60,000 combined household income, adjusted annually beginning in 2023 using Social Security cost-of-living adjustment percentages, with income standards rounded up to the nearest $50.

Requires individual municipalities to adopt a local law, ordinance, or resolution to implement the exemption after holding a public hearing.

Creates optional STAR income verification program allowing property owners to authorize annual income verification through the state Department of Taxation and Finance rather than submitting tax returns annually.