Bill > S02392

This bill proposes to amend the Real Property Tax Law to create an age-based school tax relief exemption for residential property owners aged 65 years or older. The key provisions include: 1. Providing a school tax refund ranging from $500 to $3,000 based on the age of the property owners, with a maximum income threshold of $150,000. 2. Establishing eligibility requirements, such as the property being a one-, two-, or three-family residence, a farm dwelling, or a residential property held in condominium or cooperative form. 3. Requiring all owners residing on the property to jointly file an application for the refund with the local assessor on or before the applicable taxable status date. 4. Authorizing the assessor to discontinue the refund if the property is no longer the primary residence of the owners or if the owners no longer meet the eligibility requirements. 5. Requiring school districts to notify property owners of the availability of this age-based school tax relief exemption. The bill is intended to provide financial assistance to senior homeowners by reducing their school tax burden.

Government Affairs

https://www.nysenate.gov/legislation/bills/2023/S2392