Bill > S06427

This bill creates a new property tax exemption for seniors aged 75 and older, or for properties owned by spouses or siblings where at least one owner is 75 years old (with the youngest owner at least 65). To qualify, property owners must have lived in the school district for 30 years, have no children enrolled in the district's schools, and meet specific income requirements. The exemption applies to one, two, or three-family residences, farm dwellings, and residential properties in condominium or cooperative ownership. For assessment rolls up to 2025, the income limit is $60,000, with provisions for annual cost-of-living adjustments thereafter. The exemption must be approved by the local governing board after a public hearing, and property owners can optionally participate in a STAR income verification program that allows the tax department to automatically verify their income eligibility. The bill includes detailed provisions for income calculation, confidentiality of personal information, and the application process, with protections against income standard reductions and specific guidelines for various property ownership scenarios. The tax exemption will take effect for assessment rolls prepared after the law's enactment.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S6427