NY S09188

Prohibits the state from enacting unfunded mandates exceeding $10,000 annually per school district or municipal corporation, or $1 million aggregate across all districts/municipalities, with exceptions for court orders, federal requirements, and emergencies

Creates an optional system allowing school districts to phase out residential property taxes over five years, with the state providing 20% replacement funding in year one, increasing to 100% by year five, plus annual cost-of-living adjustments thereafter

Establishes a fixed property tax assessed value for homeowners 65 and older with combined household income of $100,000 or less, freezing assessments at the lower of the value when turning 65 or any subsequent lower value, with full state reimbursement to municipalities

Increases state assistance for local property reassessment from $5 to $15 per parcel and adds a $2 per parcel bonus when all assessing units within a multi-unit school district revalue at 100% in the same year

Creates an 11-member Blue Ribbon Commission on Property Tax Reform to examine assessment practices, spending limits, governance consolidation, and alternative funding sources, with a final report due December 1, 2029