Adjusts STAR credit based on age for individuals aged 65 and older.

This bill amends the real property tax law to adjust the school tax relief (STAR) credit based on the age of the property owner. Owners aged 65-69 receive a 10% increase, those aged 70-74 get a 20% increase, those aged 75-79 receive a 30% increase, those aged 80-84 get a 40% increase, and those aged 85 and older receive a 50% increase. The age-adjusted base figure applies to both the basic and enhanced STAR exemptions. The commissioner must incorporate these adjustments annually into the calculation of the exempt amount for each assessing unit.

Adjusts STAR credit based on age for individuals aged 65 and older.

This bill amends the real property tax law to adjust the school tax relief (STAR) credit based on the age of the property owner. Owners aged 65-69 receive a 10% increase, those aged 70-74 get a 20% increase, those aged 75-79 receive a 30% increase, those aged 80-84 get a 40% increase, and those aged 85 and older receive a 50% increase. The age-adjusted base figure applies to both the basic and enhanced STAR exemptions. The commissioner must incorporate these adjustments annually into the calculation of the exempt amount for each assessing unit.