§ 485-S — Residential reassessment exemption

New York § 485-S

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

Text

* § 485-s. Residential reassessment exemption. 1. Applicability. The\ngoverning body of a town with a population of not less than eighty-five\nthousand persons and not more than ninety-five thousand persons located\nin a county of not less than nine hundred thirty thousand persons and\nnot more than one million two hundred thousand persons, based upon the\nlatest U.S. census may, after a public hearing, adopt the provisions of\nthis section by local law in the first year of a full value revaluation\nto provide a residential revaluation exemption. If the governing body\npasses a local law pursuant to this subdivision, such exemption shall\nalso apply in the same manner and to the same extent to each village,\ncounty, special district or school district that levies taxes on the\nassessment roll prepared by such town. A village within a town that has\nconducted a revaluation and that chooses to adopt such town's latest\nfinal assessment roll is permitted to adopt the provisions of this\nsection within two years of its implementation.\n 2. Eligibility. (a) The assessor shall, in the first year in which\nrevaluation assessments are to be entered on the assessment roll and for\nthe next succeeding year, apply to each eligible residential property an\nexemption as provided in subdivision three of this section. For the\npurpose of this section, to be an "eligible residential property" the\nfollowing criteria must be met:\n (i) The property must be a one-, two-, or three-family residential\nproperty, provided that in an approved assessing unit dwelling units\nheld in condominium form of ownership that are classified in the\nhomestead class shall also be eligible;\n (ii) The property must be eligible to receive the STAR exemption\nauthorized by section four hundred twenty-five of this title or the\nowner or owners must be eligible to receive the personal income tax\nschool tax relief (STAR) credit authorized by subsection (eee) of\nsection six hundred six of the tax law, as added by section six of part\nA of chapter sixty of the laws of two thousand sixteen, for such\nproperty.\n (iii) In any given year, the owner or owners receiving the exemption\npursuant to this section must be the same as the owner or owners that\nappeared on the assessment roll upon which the revaluation is\nimplemented;\n (iv) The property must have a Certificate of Occupancy or a temporary\nCertificate of Occupancy; and\n (v) The property must not have any delinquent taxes as of the taxable\nstatus date for the roll on which an exemption is applied.\n (b) In addition to the criteria provided in paragraph (a) of this\nsubdivision, the town assessing unit may further limit the eligibility\nto eligible residential property whose full value increase exceeded a\nset value threshold as specified in their local law adopting the\nprovisions of this section. If provided by local law, the town assessing\nunit may elect to grant exemptions to only those properties that do not\nhave building code violations.\n 3. Exemption calculation. (a)(i) The exemption shall be computed with\nrespect to a percentage of the "exemption base." The exemption base\nshall be the amount by which the assessed value of a property on the\nassessment roll upon which the revaluation is implemented exceeds the\nprior year's equalized assessed value, as determined in the initial\nyear. The prior year's equalized assessed value shall be determined by\napplying the applicable change in level of assessment factor to the\nprior year's assessed value. Such exemption base shall not include\nincreases due to a physical improvement or a removal or reduction of an\nexemption on property.\n (ii) Any increase in the assessment of a property due to physical\nchanges in the year following the implementation roll shall not be\neligible for the exemption. In the event that any portion of a parcel is\nfully or partially removed from the roll during the year following the\nimplementation roll by reason of fire, demolition, destruction or new\nexemption, the assessor shall reduce the exemption for any remaining\nportion in the same proportion assessment is reduced for such fire,\ndemolition, destruction or new exemption. If a property's revaluation\nassessment is reduced pursuant to title one-A of article five, or title\none or one-A of article seven of this chapter, the exemption shall be\nrecomputed accordingly.\n (b)(i) The exemption shall be to the extent of sixty-six per centum of\nthe exemption base in year one and thirty-three per centum of the\nexemption base in year two.\n (ii) The following table shall illustrate the computation of the\nexemption:\n Year of exemption Percentage of Exemption\n 1 66% of exemption base\n 2 33% of exemption base\n 4. Granting of exemption. (a) Such exemption shall be granted only\nupon application by the owner or owners of such real property on a form\nprescribed by the commissioner. Such application shall be filed with the\nassessor on or before the appropriate taxable status date for the\nassessment roll upon which the revaluation is implemented.\n (b) 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 the taxable assessed value shall be reduced by the\nexemption, as in this section provided commencing with the assessment\nroll prepared after the taxable status date. The assessed value of any\nexemption granted pursuant to this section shall be entered by the\nassessor on the assessment roll with the amount of the exemption shown\nin a separate column.\n (c) In the event that the residential property granted an exemption\npursuant to this section transfers ownership or otherwise ceases to meet\nthe eligibility requirements of the exemption in subdivision two of this\nsection, the exemption granted pursuant to this section shall be\ndiscontinued. Upon determining that an exemption granted pursuant to\nthis section should be discontinued, the assessor shall mail a notice so\nstating to the owner or owners thereof at the time and in the manner\nprovided by section five hundred ten of this chapter.\n * NB There are 3 § 485-s's\n