NY A02436

Amends a 2024 law that authorized Southampton to enact a homestead exemption, expanding eligibility to any town with a population between 69,000 and 69,500 as of the 2020 census

Allows qualifying towns to enact a local law providing a homestead exemption from town-levied real property taxes of up to $50,000 in full value

Eligibility for the homestead exemption matches the requirements for the basic School Tax Relief (STAR) exemption under Real Property Tax Law section 425

Requires property owners to apply for the exemption using a form prescribed by the Commissioner of Taxation and Finance, filed with the town assessor by the taxable status date

Takes effect immediately and applies to assessment rolls based on taxable status dates occurring on or after the effective date