§ 421-Q — Exemption from taxation for capital improvements to residential buildings to reduce carbon emissions

New York § 421-Q

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 2: Private Property
• Art. 4: Exemptions

Text

§ 421-q. Exemption from taxation for capital improvements to\nresidential buildings to reduce carbon emissions. 1. For the purposes of\nthis section, the following terms shall have the following meanings:\n (a) "Eligible real property" means any owner-occupied building or\nstructure designed and occupied exclusively for residential purposes by\nnot more than two families.\n (b) "Eligible improvements" shall be limited to categories of work\nthat result in a reduction of greenhouse gas emissions for the building,\nprovided further that such work shall be in conformity with all\napplicable state and local laws. Eligible improvements shall include,\nbut not be limited to, any of the following types of improvements:\n (i) Replacement, repair or installation of new systems for heating or\ncooling, including domestic hot water;\n (ii) Installation of solar, energy storage, or other mechanisms to\noffset use of energy from the electrical grid;\n (iii) Replacement or installation of insulation in walls, roofs,\nflooring, windows, eaves, and around pipes;\n (iv) Replacement or installation of thermostats to control temperature\nand building management systems;\n (v) Installation of energy efficient appliances, fixtures, or\nlighting; and\n (vi) Repair, replacement or modification of the electrical system,\nand/or wiring associated therewith.\n (c) "Exemption base" means the amount of increased assessed value on\neligible real property resulting from eligible improvements.\n 2. Eligible real property reconstructed, altered or improved as a\nresult of eligible improvements subsequent to the effective date of this\nsection shall be exempt from taxation and special ad valorem levies to\nthe extent provided in this section, provided that after a public\nhearing, the governing board of the applicable county, city, town or\nvillage adopts a local law and a school district, other than a school\ndistrict subject to article fifty-two of the education law, adopts a\nresolution to grant the exemption authorized pursuant to this section. A\ncopy of such local law or resolution shall be filed with the\ncommissioner and the assessor of such county, city, town or village who\nprepares the assessment roll on which the taxes of such county, city,\ntown, village or school district are levied.\n 3. Eligible real property subject to eligible improvements shall be\nexempt from taxation for a period of twenty years. For the first ten\nyears after the eligible improvements have been completed, one hundred\npercent of the exemption base shall be exempt from taxation. Such\nexemption shall decrease by ten percent annually over the subsequent ten\nyears.\n 4. The exemption established in this section shall be granted only\nupon application by the owner of such building on a form prescribed by\nthe commissioner. The application shall be filed with the assessor of\nthe city, town, village or county having the power to assess the\napplicable eligible real property for taxation on or before the\nappropriate taxable status date of such city, town, village or county.\n 5. If satisfied that the applicant is entitled to an exemption\npursuant to this section, the assessor shall approve the application and\nsuch eligible real property shall thereafter be exempt from taxation and\nspecial ad valorem levies as herein provided commencing with the\nassessment roll prepared on the basis of the taxable status date\nreferred to in subdivision four of this section. The assessed value of\nany exemption granted pursuant to this section shall be entered by the\nassessor on the assessment roll with the eligible property, with the\namount of the exemption shown in a separate column.\n 6. In the event that eligible real property granted an exemption\npursuant to this section ceases to be used primarily for residential\npurposes or title thereto is transferred to other than the heirs or\ndistributees of the owner, the exemption granted pursuant to this\nsection shall cease.\n 7. (a) A county, city, town or village may, by its local law, or\nschool district, by its resolution may:\n (i) reduce the per centum of exemption otherwise allowed pursuant to\nthis section; or\n (ii) limit or expand eligible improvements eligible for exemption\npursuant to this section.\n (b) No such local law or resolution shall reduce or repeal an\nexemption granted pursuant to this section until the expiration of the\nperiod for which such exemption was granted.\n