NY S00198

Allows municipalities to adopt a local law granting a senior citizen longtime resident exemption on real property taxes after conducting a public hearing.

Requires eligible properties to be one-, two-, or three-family residential homes in census tracts with median income not exceeding $16,056 (2010 census) and serving as the owner's primary residence.

Qualifies seniors aged 65 or older (or one owner aged 65+ in married or sibling ownership) who have owned and resided in the property for at least 25 consecutive years and have total household income not exceeding $30,000.

Exempts the portion of property assessment that exceeds the "base assessment" (the assessment before the exemption was granted), excluding increases from physical improvements, removal of other exemptions, or revaluations proportional to municipal changes in assessment levels.

Requires annual application submission to the assessor by the taxable status date, with exemption discontinuing upon ownership transfer or failure to meet eligibility criteria.