Allows a real property tax exemption for dwelling units constructed for senior citizens or disabled persons receiving social security disability benefits.

This bill allows certain towns and villages to offer property tax exemptions for new living quarters built for senior citizens or disabled individuals. The exemption would cover the increase in assessed value due to construction, up to a certain limit, and would only apply if local zoning permits such construction and the property is the owner's principal residence. This change would take effect for taxable years beginning after the law is passed.

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