§ 485-W — Newly constructed single-family and multi-family residential exemption; certain villages

* § 485-w. Newly constructed single-family and multi-family\nresidential exemption; certain villages. 1. Single-family and\nmulti-family residential properties constructed subsequent to the\neffective date of a local law adopted pursuant to this section shall be\nexempt from village taxes to the extent provided in this section. After\na public hearing, the governing board of a village with a population\ngreater than three thousand six hundred fifty and less than three\nthousand six hundred sixty, based upon the latest federal decennial\ncensus may, by local law, provide for the exemption of real property\nfrom taxation as provided in this section. A copy of such local law\nshall be filed with the commissioner and the assessor of such\nmunicipality who prepares the assessment roll on which the taxes of such\nmunicipality are levied.\n 2. (a)(i) Eligible newly constructed single-family and multi-family\nresidential property shall be exempt according to the following\nschedule:\n CONSTRUCTION OF SINGLE-FAMILY AND MULTI-FAMILY RESIDENTIAL PROPERTY\n Year of exemption Exemption\n 1 25%\n 2 20%\n 3 15%\n 4 10%\n 5 5%\n (ii) Such exemption shall apply solely to the increase in assessed\nvalue thereof attributable to the construction of the single-family and\nmulti-family residential property.\n (b) No such exemption shall be granted unless:\n (i) Such construction occurred on vacant, predominantly vacant or\nunder-utilized land; and\n (ii) Such construction commenced on or after the effective date of the\nlocal law described in subdivision one of this section, but no later\nthan five years after the effective date of this section.\n 3. Application for exemption under this section shall be made on a\nform prescribed by the commissioner and filed with such assessor on or\nbefore the applicable taxable status date and within one year from the\ndate of completion of such construction.\n 4. If such 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 as provided in this section commencing with the assessment roll\nprepared after the taxable status date referred to in subdivision three\nof this section. The assessed value of any exemption granted pursuant to\nthis section shall be entered by the assessor on the assessment roll\nwith the taxable property, with the amount of the exemption shown in a\nseparate column.\n 5. The provisions of this section shall apply to real property used as\nthe primary residence of the owner.\n 6. A village with a population greater than three thousand six hundred\nfifty and less than three thousand six hundred sixty, based upon the\nlatest federal decennial census may, by local law, establish a date for\nthe commencement of effectiveness of the exemption offered pursuant to\nthis section and may provide that such amount calculated pursuant to\nsubparagraph (ii) of paragraph (a) of subdivision two of this section\nshall not exceed three hundred seventy-five thousand dollars per\nproperty.\n 7. A local law adopted pursuant to this section may be repealed by the\ngoverning body of the applicable village. In the event of such a repeal,\nthe exemption granted pursuant to this section shall cease.\n * NB Repealed August 17, 2032\n