§ 467-J — Exemption for certain residential properties located in certain counties

New York § 467-J

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

Text

§ 467-j. Exemption for certain residential properties located in\ncertain counties. 1. After a public hearing, the governing board of a\ncounty with a population greater than one hundred thousand and less than\none hundred five thousand based upon the latest decennial census may\nadopt a local law to grant a partial exemption from taxation and special\nad valorem levies authorized pursuant to this section. Following such\nadoption, any city, town or village within such a county may adopt a\nlocal law and a school district within such a county, other than a\nschool district subject to article fifty-two of the education law, may\nadopt a resolution to also grant a partial exemption from taxation and\nspecial ad valorem levies authorized pursuant to this section.\n 2. The real property tax exemption authorized by subdivision one of\nthis section shall be in an amount equal to the latest state\nequalization rate multiplied by the difference between the full resale\nvalue of such real property absent any restriction and the maximum\nresale value of such real property established by such ground lease to\nresidential properties located on land owned by a not-for-profit entity\nand subject to regulatory restrictions from federal, state or local\nhousing programs that provide grants or loans to enhance housing\naffordability and subject to a ground lease or deed restrictions that\nrestrict the resale price of such real property for at least thirty\nyears.\n 3. Such exemption shall be granted only upon application by the owner\nor owners of such real property on a form prescribed by the\ncommissioner. Such application shall be filed annually with the\nassessor on or before the appropriate taxable status date.\n