NY A05300

Doubles the income standard for the enhanced STAR exemption for final assessment rolls completed after 2024 by requiring the income standard to be twice the previously-applicable income standard increased by the cost-of-living-adjustment percentage.

Creates a new total exemption from property taxes for senior citizens aged 80 and older whose property serves as their primary residence, applicable to final assessment rolls completed after 2024.

Allows the total exemption for seniors to apply to properties owned by married couples or siblings if at least one owner is 80 or older and the property is their primary residence.

Requires school districts to adopt a resolution after public hearing to allow the senior exemption when a child attending public school resides on the property, with proof that the child was not brought into the residence primarily to attend a particular school.

Establishes the application process for the new senior total exemption to follow the same timeframes and procedures as the enhanced STAR exemption, with the act taking effect January 1, 2024.