Bill > A06271

This bill provides a total property tax exemption for school purposes to homeowners who are 75 years of age or older, or who are part of a group of spouses or siblings where at least one owner is 75 years old (and the youngest owner is at least 65). To qualify, these homeowners must have lived in the school district for at least 30 years and have no children enrolled in the school district. The exemption applies to various types of residential properties, including one to three-family homes, farm dwellings, and properties held in condominium or cooperative ownership. Applicants must also meet an annual income threshold, which is initially set at $60,000 and will be adjusted annually based on the cost-of-living adjustment used for Social Security benefits. The bill introduces a new STAR (School Tax Relief) income verification program that allows homeowners to authorize annual income verification by the state tax department, reducing the need to submit tax documentation each year. Municipalities must adopt a local law or resolution to implement this exemption, and the provisions will take effect for assessment rolls prepared on or after the first January following the bill's enactment.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A6271