NY S04991

Grants a 100 percent real property tax exemption for residential properties owned by persons 60 years of age or older, or by married couples where at least one spouse is 60 years old with household income not exceeding $100,000, effective for assessment rolls prepared on or after January 1, 2023.

Exemption does not apply to school district taxes if a child resides on the property and attends public elementary or secondary school.

Requires property owners to have held title for at least 12 consecutive months prior to application, with exceptions for spousal transfers, inheritances, and properties acquired to replace property taken by eminent domain.

Exemption remains in effect until discontinued by the assessor upon determining the property is no longer a primary residence, title has transferred, owners exceed income limits, or other eligibility conditions are no longer met.

Directs the state to reimburse municipalities for all revenue lost due to exemptions granted under this section, with the comptroller establishing application procedures and rules for processing municipal reimbursement claims.