N.Y. Real Property Tax Law § 467-j: Exemption for certain residential properties located in certain counties

§ 467-j. Exemption for certain residential properties located in

certain counties. 1. After a public hearing, the governing board of a

county with a population greater than one hundred thousand and less than

one hundred five thousand based upon the latest decennial census may

adopt a local law to grant a partial exemption from taxation and special

ad valorem levies authorized pursuant to this section. Following such

adoption, any city, town or village within such a county may adopt a

local law and a school district within such a county, other than a

school district subject to article fifty-two of the education law, may

adopt a resolution to also grant a partial exemption from taxation and

special ad valorem levies authorized pursuant to this section.

2. The real property tax exemption authorized by subdivision one of

this section shall be in an amount equal to the latest state

equalization rate multiplied by the difference between the full resale

value of such real property absent any restriction and the maximum

resale value of such real property established by such ground lease to

residential properties located on land owned by a not-for-profit entity

and subject to regulatory restrictions from federal, state or local

housing programs that provide grants or loans to enhance housing

affordability and subject to a ground lease or deed restrictions that

restrict the resale price of such real property for at least thirty

years.

3. Such exemption shall be granted only upon application by the owner

or owners of such real property on a form prescribed by the

commissioner. Such application shall be filed annually with the

assessor on or before the appropriate taxable status date.