NY S01155

Creates a 100% real property tax exemption for homeowners aged 60 or older with annual household income not exceeding $100,000, effective for assessment rolls beginning in 2025

Requires property to be the owner's primary residence used exclusively for residential purposes, with at least 12 consecutive months of ownership prior to application

Exemption does not apply to school taxes if a child residing on the property attends public elementary or secondary school

Surviving spouses retain the exemption after the death of the older spouse, provided the survivor is at least 60 years old

State must reimburse municipalities for all revenue lost due to exemptions granted under this program, with the comptroller establishing application procedures and regulations for municipal claims