N.Y. Real Property Tax Law § 469: Assessment exemption for living quarters for parent or grandparent

§ 469. Assessment exemption for living quarters for parent or

grandparent. 1. A county, city, town, village or school district acting

through its local legislative body is hereby authorized and empowered to

adopt and amend local laws, or resolutions in the case of school

districts, to provide for an exemption from taxation to the extent of

any increase in assessed value of residential property resulting from

the construction or reconstruction of such property for the purpose of

providing living quarters for a parent or grandparent, who is sixty-two

years of age or older. Such exemption shall not exceed (a) the increase

in assessed value resulting from construction or reconstruction of such

property, or (b) twenty percent of the total assessed value of such

property as improved, or (c) twenty percent of the median sale price of

residential property as reported in the most recent sales statistical

summary published by the commissioner for the county in which the

property is located, whichever is less.

2. No such exemption shall be granted unless:

(a) The property is within the geographical area in which such

construction or reconstruction is permitted; and

(b) The residential property so constructed or reconstructed is the

principal place of residence of the owner.

3. Such exemption shall be applicable only to construction or

reconstruction which occurred subsequent to the effective date of this

section and shall only apply during taxable years during which at least

one such parent or grandparent maintains a primary place of residence in

such living quarters.

4. Such exemption from taxation shall be granted upon an application

made annually, upon a form to be promulgated by the commissioner, by the

owner of such property to the assessor of the city, town, village or

county having the power to assess property for taxation on or before the

appropriate taxable status date of such city, town, village or county.

If the assessor is satisfied that the property is entitled to an

exemption pursuant to this section, he shall approve the application and

such residential improvements shall be exempt from taxation and special

ad valorem levies as provided in this section.

5. For the purposes of this section, the term "parent or grandparent"

shall be deemed to include the birth or adoptive grandparents and

parents of the owner or the spouse of the owner.

6. Any conviction of having made any willful false statement in the

application for such exemption shall result in the revocation thereof,

be punishable by a civil penalty of not more than one hundred dollars

and shall disqualify the applicant or applicants from further exemption

for a period of five years.