N.Y. Real Property Tax Law § 485-w: Newly constructed single-family and multi-family residential exemption; certain villages

* § 485-w. Newly constructed single-family and multi-family

residential exemption; certain villages. 1. Single-family and

multi-family residential properties constructed subsequent to the

effective date of a local law adopted pursuant to this section shall be

exempt from village taxes to the extent provided in this section. After

a public hearing, the governing board of a village with a population

greater than three thousand six hundred fifty and less than three

thousand six hundred sixty, based upon the latest federal decennial

census may, by local law, provide for the exemption of real property

from taxation as provided in this section. A copy of such local law

shall be filed with the commissioner and the assessor of such

municipality who prepares the assessment roll on which the taxes of such

municipality are levied.

2. (a)(i) Eligible newly constructed single-family and multi-family

residential property shall be exempt according to the following

schedule:

CONSTRUCTION OF SINGLE-FAMILY AND MULTI-FAMILY RESIDENTIAL PROPERTY

Year of exemption Exemption

1 25%

2 20%

3 15%

4 10%

5 5%

(ii) Such exemption shall apply solely to the increase in assessed

value thereof attributable to the construction of the single-family and

multi-family residential property.

(b) No such exemption shall be granted unless:

(i) Such construction occurred on vacant, predominantly vacant or

under-utilized land; and

(ii) Such construction commenced on or after the effective date of the

local law described in subdivision one of this section, but no later

than five years after the effective date of this section.

3. Application for exemption under this section shall be made on a

form prescribed by the commissioner and filed with such assessor on or

before the applicable taxable status date and within one year from the

date of completion of such construction.

4. If such assessor is satisfied that the applicant is entitled to an

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

application and such real property shall thereafter be exempt from

taxation as provided in this section commencing with the assessment roll

prepared after the taxable status date referred to in subdivision three

of this section. The assessed value of any exemption granted pursuant to

this section shall be entered by the assessor on the assessment roll

with the taxable property, with the amount of the exemption shown in a

separate column.

5. The provisions of this section shall apply to real property used as

the primary residence of the owner.

6. A village with a population greater than three thousand six hundred

fifty and less than three thousand six hundred sixty, based upon the

latest federal decennial census may, by local law, establish a date for

the commencement of effectiveness of the exemption offered pursuant to

this section and may provide that such amount calculated pursuant to

subparagraph (ii) of paragraph (a) of subdivision two of this section

shall not exceed three hundred seventy-five thousand dollars per

property.

7. A local law adopted pursuant to this section may be repealed by the

governing body of the applicable village. In the event of such a repeal,

the exemption granted pursuant to this section shall cease.

* NB Repealed August 17, 2032