N.Y. Real Property Tax Law § 485-u: Class one reassessment exemption

§ 485-u. Class one reassessment exemption. 1. Applicability. A special

assessing unit that is not a city may, by local law, opt to provide a

class one reassessment exemption as provided in this section. Such

exemption shall apply in the same manner and to the same extent to

county, town, special district and school district taxes levied on the

assessment roll prepared by such special assessing unit.

2. Eligibility. The assessor shall, for the two thousand twenty--two

thousand twenty-one final assessment roll and for the subsequent four

years, apply an exemption as provided in this section to each property

classified in class one pursuant to article eighteen of this chapter.

3. Exemption calculation. (a) (i) The assessor shall calculate the

exemption as a percentage of the exemption base. The exemption base

shall be the amount by which the assessment of a property on the two

thousand twenty--two-thousand twenty-one tentative assessment roll

issued on or about January 2, 2019 exceeds the equalized assessment on

the two thousand nineteen--two thousand twenty final assessment roll.

The assessor shall determine the equalized assessment on the two

thousand nineteen--two thousand twenty final assessment roll by

multiplying a property's effective full value on the two thousand

nineteen--two thousand twenty final assessment roll by the class one

level of assessment on the two thousand twenty--two thousand twenty-one

final assessment roll. The assessor shall determine a property's

effective full value on the two thousand nineteen--two thousand twenty

final assessment roll by dividing the assessment on the two thousand

nineteen--two thousand twenty final assessment roll by the class one

level of assessment on the two thousand nineteen--two thousand twenty

final assessment roll. Such exemption base shall not include assessment

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 an increase

in a property's full value or physical changes subsequent to the two

thousand twenty--two thousand twenty-one final assessment roll shall not

be eligible for the exemption. If any portion of a property is fully or

partially removed from the assessment roll subsequent to the two

thousand twenty--two thousand twenty-one final assessment roll by reason

of fire, demolition, destruction or new exemption, the assessor shall

reduce the exemption for any remaining portion in the same proportion

the assessment is reduced for such fire, demolition, destruction or new

exemption.

(b) The exemption shall be eighty per centum of the exemption base on

the two thousand twenty--two thousand twenty-one final assessment roll,

sixty per centum of the exemption base on the two thousand

twenty-one--two thousand twenty-two final assessment roll, forty per

centum of the exemption base on the two thousand twenty-two--two

thousand twenty-three final assessment roll, twenty per centum of the

exemption base on the two thousand twenty-three--two thousand

twenty-four final assessment roll and zero per centum of the exemption

base on the two thousand twenty-four--two thousand twenty-five final

assessment roll.

4. Entering of exemption on assessment roll. The assessor shall enter

in a separate column on the assessment roll the value of any exemption

provided by this section.