N.Y. Real Property Tax Law § 485-s: Residential reassessment exemption

* § 485-s. Residential reassessment exemption. 1. Applicability. The

governing body of a town with a population of not less than eighty-five

thousand persons and not more than ninety-five thousand persons located

in a county of not less than nine hundred thirty thousand persons and

not more than one million two hundred thousand persons, based upon the

latest U.S. census may, after a public hearing, adopt the provisions of

this section by local law in the first year of a full value revaluation

to provide a residential revaluation exemption. If the governing body

passes a local law pursuant to this subdivision, such exemption shall

also apply in the same manner and to the same extent to each village,

county, special district or school district that levies taxes on the

assessment roll prepared by such town. A village within a town that has

conducted a revaluation and that chooses to adopt such town's latest

final assessment roll is permitted to adopt the provisions of this

section within two years of its implementation.

2. Eligibility. (a) The assessor shall, in the first year in which

revaluation assessments are to be entered on the assessment roll and for

the next succeeding year, apply to each eligible residential property an

exemption as provided in subdivision three of this section. For the

purpose of this section, to be an "eligible residential property" the

following criteria must be met:

(i) The property must be a one-, two-, or three-family residential

property, provided that in an approved assessing unit dwelling units

held in condominium form of ownership that are classified in the

homestead class shall also be eligible;

(ii) The property must be eligible to receive the STAR exemption

authorized by section four hundred twenty-five of this title or the

owner or owners must be eligible to receive the personal income tax

school tax relief (STAR) credit authorized by subsection (eee) of

section six hundred six of the tax law, as added by section six of part

A of chapter sixty of the laws of two thousand sixteen, for such

property.

(iii) In any given year, the owner or owners receiving the exemption

pursuant to this section must be the same as the owner or owners that

appeared on the assessment roll upon which the revaluation is

implemented;

(iv) The property must have a Certificate of Occupancy or a temporary

Certificate of Occupancy; and

(v) The property must not have any delinquent taxes as of the taxable

status date for the roll on which an exemption is applied.

(b) In addition to the criteria provided in paragraph (a) of this

subdivision, the town assessing unit may further limit the eligibility

to eligible residential property whose full value increase exceeded a

set value threshold as specified in their local law adopting the

provisions of this section. If provided by local law, the town assessing

unit may elect to grant exemptions to only those properties that do not

have building code violations.

3. Exemption calculation. (a)(i) The exemption shall be computed with

respect to a percentage of the "exemption base." The exemption base

shall be the amount by which the assessed value of a property on the

assessment roll upon which the revaluation is implemented exceeds the

prior year's equalized assessed value, as determined in the initial

year. The prior year's equalized assessed value shall be determined by

applying the applicable change in level of assessment factor to the

prior year's assessed value. Such exemption base shall not include

increases due to a physical improvement or a removal or reduction of an

exemption on property.

(ii) Any increase in the assessment of a property due to physical

changes in the year following the implementation roll shall not be

eligible for the exemption. In the event that any portion of a parcel is

fully or partially removed from the roll during the year following the

implementation roll by reason of fire, demolition, destruction or new

exemption, the assessor shall reduce the exemption for any remaining

portion in the same proportion assessment is reduced for such fire,

demolition, destruction or new exemption. If a property's revaluation

assessment is reduced pursuant to title one-A of article five, or title

one or one-A of article seven of this chapter, the exemption shall be

recomputed accordingly.

(b)(i) The exemption shall be to the extent of sixty-six per centum of

the exemption base in year one and thirty-three per centum of the

exemption base in year two.

(ii) The following table shall illustrate the computation of the

exemption:

Year of exemption Percentage of Exemption

1 66% of exemption base

2 33% of exemption base

4. Granting of exemption. (a) 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 with the

assessor on or before the appropriate taxable status date for the

assessment roll upon which the revaluation is implemented.

(b) If the assessor is satisfied that the applicant is entitled to an

exemption pursuant to this section, he or she shall approve the

application and the taxable assessed value shall be reduced by the

exemption, as in this section provided commencing with the assessment

roll prepared after the taxable status date. The assessed value of any

exemption granted pursuant to this section shall be entered by the

assessor on the assessment roll with the amount of the exemption shown

in a separate column.

(c) In the event that the residential property granted an exemption

pursuant to this section transfers ownership or otherwise ceases to meet

the eligibility requirements of the exemption in subdivision two of this

section, the exemption granted pursuant to this section shall be

discontinued. Upon determining that an exemption granted pursuant to

this section should be discontinued, the assessor shall mail a notice so

stating to the owner or owners thereof at the time and in the manner

provided by section five hundred ten of this chapter.

* NB There are 3 § 485-s's