§ 485-U — Class one reassessment exemption

New York § 485-U

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

Text

§ 485-u. Class one reassessment exemption. 1. Applicability. A special\nassessing unit that is not a city may, by local law, opt to provide a\nclass one reassessment exemption as provided in this section. Such\nexemption shall apply in the same manner and to the same extent to\ncounty, town, special district and school district taxes levied on the\nassessment roll prepared by such special assessing unit.\n 2. Eligibility. The assessor shall, for the two thousand twenty--two\nthousand twenty-one final assessment roll and for the subsequent four\nyears, apply an exemption as provided in this section to each property\nclassified in class one pursuant to article eighteen of this chapter.\n 3. Exemption calculation. (a) (i) The assessor shall calculate the\nexemption as a percentage of the exemption base. The exemption base\nshall be the amount by which the assessment of a property on the two\nthousand twenty--two-thousand twenty-one tentative assessment roll\nissued on or about January 2, 2019 exceeds the equalized assessment on\nthe two thousand nineteen--two thousand twenty final assessment roll.\nThe assessor shall determine the equalized assessment on the two\nthousand nineteen--two thousand twenty final assessment roll by\nmultiplying a property's effective full value on the two thousand\nnineteen--two thousand twenty final assessment roll by the class one\nlevel of assessment on the two thousand twenty--two thousand twenty-one\nfinal assessment roll. The assessor shall determine a property's\neffective full value on the two thousand nineteen--two thousand twenty\nfinal assessment roll by dividing the assessment on the two thousand\nnineteen--two thousand twenty final assessment roll by the class one\nlevel of assessment on the two thousand nineteen--two thousand twenty\nfinal assessment roll. Such exemption base shall not include assessment\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 an increase\nin a property's full value or physical changes subsequent to the two\nthousand twenty--two thousand twenty-one final assessment roll shall not\nbe eligible for the exemption. If any portion of a property is fully or\npartially removed from the assessment roll subsequent to the two\nthousand twenty--two thousand twenty-one final assessment roll by reason\nof fire, demolition, destruction or new exemption, the assessor shall\nreduce the exemption for any remaining portion in the same proportion\nthe assessment is reduced for such fire, demolition, destruction or new\nexemption.\n (b) The exemption shall be eighty per centum of the exemption base on\nthe two thousand twenty--two thousand twenty-one final assessment roll,\nsixty per centum of the exemption base on the two thousand\ntwenty-one--two thousand twenty-two final assessment roll, forty per\ncentum of the exemption base on the two thousand twenty-two--two\nthousand twenty-three final assessment roll, twenty per centum of the\nexemption base on the two thousand twenty-three--two thousand\ntwenty-four final assessment roll and zero per centum of the exemption\nbase on the two thousand twenty-four--two thousand twenty-five final\nassessment roll.\n 4. Entering of exemption on assessment roll. The assessor shall enter\nin a separate column on the assessment roll the value of any exemption\nprovided by this section.\n