§ 425. School tax relief (STAR) exemption. 1. Generally. Real property\nwhich satisfies the requirements of this section shall be exempt from\ntaxation for school purposes as provided herein.\n 2. Exempt amount. (a) Overview. There shall be two variations of the\nexemption authorized by this section: an exemption for property owned by\npersons who satisfy the criteria set forth in subdivision three of this\nsection, which shall be known as the "basic" STAR exemption, and an\nexemption for property owned by senior citizens who satisfy the criteria\nset forth in both subdivisions three and four of this section, which\nshall be known as the "enhanced" STAR exemption. The exempt amount for\neach assessing unit shall be determined annually as set forth in this\nsubdivision, by multiplying the "base figure" by the locally-applicable\n"sales price differential factor," if any, multiplying the product by\nthe appropriate "equalization factor" for the assessing unit, and, if\nnecessary, increasing the result to equal the applicable "floor." The\nresult is then rounded to the nearest multiple of ten dollars.\n (b) Base figure. Subject to the adjustments prescribed below, the base\nfigure for the exemption shall be as follows:\n (i) For the nineteen hundred ninety-eight--ninety-nine school year,\nthe base figure shall be fifty thousand dollars for eligible senior\ncitizens; no exemption shall be allowed for other persons.\n (ii) For the nineteen hundred ninety-nine--two thousand school year,\nthe base figure shall be fifty thousand dollars for eligible senior\ncitizens, and ten thousand dollars for other eligible persons.\n (iii) For the two thousand--two thousand one school year, the base\nfigure shall be fifty thousand dollars for eligible senior citizens, and\ntwenty thousand dollars for other eligible persons.\n (iv) For the two thousand one--two thousand two school year through\nthe two thousand five--two thousand six school year, inclusive, the base\nfigure shall be fifty thousand dollars for eligible senior citizens, and\nthirty thousand dollars for other eligible persons.\n (v) For the two thousand six--two thousand seven school year through\nthe two thousand eight--two thousand nine school year, inclusive, the\nbase figure for the enhanced STAR exemption shall be fifty-six thousand\neight hundred dollars, and the base figure for the basic STAR exemption\nshall be thirty thousand dollars.\n (vi) For the two thousand nine--two thousand ten school year and\nthereafter:\n (A) The base figure for the enhanced STAR exemption shall equal the\nprior year's base figure multiplied by the percentage increase in the\nconsumer price index for urban wage earners and clerical workers (CPI-W)\npublished by the United States department of labor, bureau of labor\nstatistics, for the third quarter of the calendar year preceding the\napplicable school year, as compared to the third quarter of the prior\ncalendar year. If a base figure as so determined is not exactly equal to\na multiple of one hundred dollars, it shall be rounded to the nearest\nmultiple of one hundred dollars. It shall be the responsibility of the\ncommissioner to annually determine such base figures.\n (B) The base figure for the basic STAR exemption shall be thirty\nthousand dollars.\n (c) Sales price adjustment. (i) The base figure specified in paragraph\n(b) of this subdivision shall be increased for the counties and cities\nspecified herein by multiplying that figure by the locally-applicable\n"sales price differential factor" determined by the commissioner. In no\ncase shall the base figure specified in paragraph (b) of this\nsubdivision be decreased as the result of this adjustment. A separate\nsales price differential factor shall be determined for each county in\nwhich the median sales price of residential real property exceeds the\nstatewide median sales price of such property as determined herein,\nexcept that in the case of a county wholly contained within t
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