NY S07192

Authorizes counties, cities, towns, and villages to adopt local laws providing a real property tax exemption of 15% of assessed value for police officers whose primary residence is in New York State

Caps the exemption at $12,000 or $12,000 multiplied by the latest state equalization rate, whichever is less

Applies only to residential property and excludes taxes levied for school purposes

Requires property owners to file an annual application with the assessor's office by the taxable status date, with false statements subject to penal law penalties

Allows local governments to repeal the exemption with at least 90 days notice before the taxable status date