§ 485-J — Residential property improvement exemption; certain cities

* § 485-j. Residential property improvement exemption; certain cities.\n1. Construction of improvements to residential real property initiated\non or after the first day of January, two thousand six in the cities\nwith a population of not less than one hundred thirty thousand and not\nmore than one hundred sixty thousand may be exempt from city and school\ntaxation as provided in this section.\n 2. (a)(i) Such real property shall be exempt for a period of one year\nto the extent of one hundred per centum of the increase in assessed\nvalue thereof attributable to such construction and for an additional\nperiod of four years provided, however, that the extent of such\nexemption shall be decreased by twenty per centum each year during such\nadditional period of four years and such exemption shall be computed\nwith respect to the "exemption base". The exemption base shall be the\nincrease in assessed value due to improvements as determined by the\nassessor in the initial year of such five year period following the\nfiling of an original application.\n (ii) The following table shall illustrate the computation of the city\ntax exemption:\nYear of exemption Percentage of exemption\n 1 100\n 2 80\n 3 60\n 4 40\n 5 20\n (iii) Exemptions granted pursuant to this section shall apply to real\nproperty taxes imposed for both city and school district purposes.\n (b) No such exemption shall be granted unless: (i) such construction\nof improvements was commenced on or after the first day of January two\nthousand six or such later date as may be specified by local law;\n (ii) the residential real property is situate in a city with a\npopulation of not less than one hundred thirty thousand and not more\nthan one hundred sixty thousand;\n (iii) the value of such construction exceeds the sum of ten thousand\ndollars; and\n (iv) such construction is documented by a building permit, if\nrequired, for the improvements, or other appropriate documentation as\nrequired by the assessor.\n (c) For purposes of this section the term "construction of\nimprovements" shall not include ordinary maintenance and repairs.\n 3. Such exemption shall be granted only upon application by the owner\nof such real property on a form prescribed by the commissioner. Such\napplication shall be filed with the assessor of a city with a population\nof not less than one hundred thirty thousand and not more than one\nhundred sixty thousand on or before the appropriate taxable status date\nof such city and within one year from the date of completion of such\nconstruction of improvements.\n 4. If the assessor is satisfied that the applicant is entitled to an\nexemption pursuant to this section, he or she shall approve the\napplication and such real property shall thereafter be exempt from\ntaxation and special ad valorem levies by a city with a population of\nnot less than one hundred thirty thousand and not more than one hundred\nsixty thousand as provided in this section commencing with the\nassessment roll prepared after the taxable status date referred to in\nsubdivision three of this section. The assessed value of any exemption\ngranted pursuant to this section shall be entered by the assessor on the\nassessment roll with the taxable property, with the amount of the\nexemption shown in a separate column.\n 5. In the event that real property granted an exemption pursuant to\nthis section ceases to be used primarily for eligible purposes, the\nexemption granted pursuant to this section shall cease.\n 6. A city with a population of not less than one hundred thirty\nthousand and not more than one hundred sixty thousand may, by local law,\nestablish a date for the commencement of effectiveness of the exemption\noffered pursuant to this section. A copy of all such local laws shall be\nfiled with the commissioner and the assessor of the city.\n * NB There are 5 § 485-j's\n