It will not include basement areas below grade. The improvement must have an equalized market value of between three thousand and eighty thousand dollars. Anything in excess of eighty thousand dollars is not eligible for the exemption, according to state law. Yes, but school districts are allowed to opt out of the exemption if they wish. If your school district does not vote itself out of the exemption, it takes effect for school taxes at the same time it does for county, town or city taxes.
State law requires that the eligible project be completed before an exemption is granted.
Applications must be filed on the form approved by the New York State Office of Real Property Services. The form is available from the Nassau County Department of Assessment. Applications must be filed between September 1st and December 31st for all completed home improvements. The exemption, if approved, will be granted for the following tax roll year. This means it is possible that someone who has built an eligible improvement, but which is not fully assessed until after January 1, will be taxed based on partial value before the improvement is completed.