* § 485-j. Residential investment exemption; certain cities and school\ndistricts. 1. Residential real property constructed on or after the\nfirst day of July, two thousand five located in a city or a school\ndistrict which serves a city with a population of not less than thirteen\nthousand one hundred twenty-one and not more than thirteen thousand one\nhundred forty-one, based upon the two thousand federal census, may be\nexempt from city and school district taxation as provided in this\nsection.\n 2.
(a)(i) Such real property shall be exempt for a period of one year\nto the extent of fifty per centum of the increase in assessed value\nthereof attributable to such construction and for an additional period\nof nine years provided, however, that the extent of such exemption shall\nbe de
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* § 485-j. Residential investment exemption; certain cities and school\ndistricts. 1. Residential real property constructed on or after the\nfirst day of July, two thousand five located in a city or a school\ndistrict which serves a city with a population of not less than thirteen\nthousand one hundred twenty-one and not more than thirteen thousand one\nhundred forty-one, based upon the two thousand federal census, may be\nexempt from city and school district taxation as provided in this\nsection.\n 2. (a) (i) Such real property shall be exempt for a period of one year\nto the extent of fifty per centum of the increase in assessed value\nthereof attributable to such construction and for an additional period\nof nine years provided, however, that the extent of such exemption shall\nbe decreased by five per centum each year during such additional period\nof nine years and such exemption shall be computed with respect to the\n"exemption base". The exemption base shall be the increase in assessed\nvalue as determined in the initial year of such ten year period\nfollowing the filing of an original application, except as provided in\nsubparagraph (ii) of this paragraph.\n (ii) In any year in which a change in level of assessment of fifteen\npercent or more is certified for a final assessment roll pursuant to the\nrules of the commissioner, the exemption base shall be multiplied by a\nfraction, the numerator of which shall be the total assessed value of\nthe parcel on such final assessment roll (after accounting for any\nphysical or quantity changes to the parcel since the immediately\npreceding assessment roll), and the denominator of which shall be the\ntotal assessed value of the parcel on the immediately preceding final\nassessment roll. The result shall be the new exemption base. The\nexemption shall thereupon be recomputed to take into account the new\nexemption base, notwithstanding the fact that the assessor receives the\ncertification of the change in level of assessment after the completion,\nverification and filing of the final assessment roll. In the event the\nassessor does not have custody of the roll when such certification is\nreceived, the assessor shall certify the recomputed exemption to the\nlocal officers having custody and control of the roll, and such local\nofficers are hereby directed and authorized to enter the recomputed\nexemption certified by the assessor on the roll. The assessor shall give\nwritten notice of such recomputed exemption to the property owner, who\nmay, if he or she believes that the exemption was recomputed\nincorrectly, apply for a correction in the manner provided by title\nthree of article five of this chapter for the correction of clerical\nerrors.\n (iii) The following table shall illustrate the computation of the city\nand school district tax exemption:\n Year of exemption Percentage of exemption\n 1 50\n 2 45\n 3 40\n 4 35\n 5 30\n 6 25\n 7 20\n 8 15\n 9 10\n 10 5\n (b) No such exemption shall be granted unless:\n (i) such construction was commenced on or after the first day of\nJanuary, two thousand five or such later date as may be specified by\nresolution;\n (ii) the residential real property is situate in a city, or a school\ndistrict which serves a city, with a population of not less than\nthirteen thousand one hundred twenty-one and not more than thirteen\nthousand one hundred forty-one, based upon the two thousand federal\ncensus;\n (iii) the cost of such construction exceeds the sum of thirty thousand\ndollars or such greater amount as may be specified; and\n (iv) such construction is completed as may be evidenced by a\ncertificate of occupancy or other appropriate documentation as provided\nby the owner.\n (c) For purposes of this section the term construction shall not\ninclude 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 thirteen thousand one hundred twenty-one and not more\nthan thirteen thousand one hundred forty-one, based upon the two\nthousand federal census, or with the local assessor if such property is\nlocated in a school district which serves such city, but is not located\nwithin such city, on or before the appropriate taxable status date of\nsuch city and within one year from the date of completion of such\nconstruction.\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 by a city with a population of not less than thirteen thousand\none hundred twenty-one and not more than thirteen thousand one hundred\nforty-one, based upon the two thousand federal census, and by any school\ndistrict which serves such city as provided in this section commencing\nwith the assessment roll prepared after the taxable status date referred\nto in subdivision three of this section. The assessed value of any\nexemption granted pursuant to this section shall be entered by the\nassessor on the assessment roll with the taxable property, with the\namount of the exemption shown in a separate column.\n 5. The provisions of this section shall apply to real property used as\nthe primary residence of the owner.\n 6. 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 7. A city with a population of not less than thirteen thousand one\nhundred twenty-one and not more than thirteen thousand one hundred\nforty-one, based upon the two thousand federal census, may, by local\nlaw, and any school district which serves such city, may, by resolution,\nreduce the per centum of exemption otherwise allowed pursuant to this\nsection; provided, however, that a project in course of construction and\nexemptions existing prior in time to passage of any such resolution\nshall not be subject to any such reduction so effected. Such city or\nschool district, upon reduction of the per centum of exemption pursuant\nto this subdivision, may thereafter by local law or resolution, increase\nthe per centum of exemption up to any per centum not exceeding the\nmaximum allowed by subdivision two of this section, provided, however,\nthat any such resolution shall apply only to construction commenced\nsubsequent to the effective date of such resolution. A copy of all such\nresolutions shall be filed with the commissioner and the assessor of the\ncity, and to the assessor of any locality containing real property to\nwhich the provisions of this section may apply.\n 8. A city with a population of not less than thirteen thousand one\nhundred twenty-one and not more than thirteen thousand one hundred\nforty-one, based upon the two thousand federal census, may, by local\nlaw, and any school district which serves such city, may, by resolution,\nestablish a date for the commencement of effectiveness of exemption\noffered pursuant to this section and may provide that the provisions of\nthis section shall apply only to construction having a greater value\nthan that specified by subdivision two of this section, provided,\nhowever, that such amount shall not exceed seventy thousand dollars.\n 9. (a) A city with a population of not less than thirteen thousand one\nhundred twenty-one and not more than thirteen thousand one hundred\nforty-one, based upon the two thousand federal census, may, by local\nlaw, establish a board to be known as the residential incentive board.\nThe membership and composition of such board shall be set forth in the\nlocal law.\n (b) The residential incentive board shall present a plan to the city\ncouncil of a city with a population of not less than thirteen thousand\none hundred twenty-one and not more than thirteen thousand one hundred\nforty-one, based upon the two thousand federal census, concerning the\nvarious types of residential real property which should be granted\neligibility for an exemption pursuant to subdivision one of this\nsection. The exemption shall be computed as provided in subdivision two\nof this section. In addition, such plan shall identify specific\ngeographic areas within which such exemptions should be offered. In\ndeveloping the plan required by this paragraph, the board shall consider\nthe planning objectives of the school district which serves such city,\nand the necessity of the exemption to the attraction or retention of\nhome owners and the economic benefit to the area of providing exemptions\nto home owners.\n (c) In addition, the board may make recommendations to the city\ncouncil of a city with a population of not less than thirteen thousand\none hundred twenty-one and not more than thirteen thousand one hundred\nforty-one, based upon the two thousand federal census, with respect to\nactions it deems desirable to improve the economic climate therein.\n 10. If a city with a population of not less than thirteen thousand one\nhundred twenty-one and not more than thirteen thousand one hundred\nforty-one, based upon the two thousand federal census, establishes a\nresidential incentive board, pursuant to subdivision nine of this\nsection, such city may, by local law, restrict real property eligible to\nreceive the exemption to real property constructed for those purposes\nidentified in the plan presented by the board. Such local law shall\nrestrict the availability of such exemption to the specific geographic\nareas identified in the plan presented by the board.\n * NB There are 5 § 485-j's\n