NY Real Prop Tax L § 485-M (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2 - Private Property 485-M - Residential Investment Exemption; Certain School Districts.

§  485-m.  Residential investment exemption; certain school districts. 1. Residential real property constructed on or after the  first  day  of January,  two thousand eight in school districts which serve a city with a population of not less than thirty-four thousand  and  not  more  than thirty-five  thousand  based upon the two thousand federal census may be exempt from school district taxation as provided in this section.   2. (a) (i) Such real property shall be exempt for a period of one year to the extent of fifty per centum of  the  increase  in  assessed  value thereof  attributable  to such construction and for an additional period of nine years provided, however, that the extent of such exemption shall be decreased by five per centum each year during such additional  period of  nine  years and such exemption shall be computed with respect to the "exemption base". The exemption base shall be the increase  in  assessed value  as  determined  in  the  initial  year  of  such  ten year period following the filing of an original application, except as  provided  in subparagraph (ii) of this paragraph.  (ii)  In  any year in which a change in level of assessment of fifteen percent or more is certified for a final assessment roll pursuant to the rules of the commissioner, the exemption base shall be multiplied  by  a fraction,  the  numerator  of which shall be the total assessed value of the parcel on such final  assessment  roll  (after  accounting  for  any physical  or  quantity  changes  to  the  parcel  since  the immediately preceding assessment roll), and the denominator of which  shall  be  the total  assessed  value  of the parcel on the immediately preceding final assessment roll. The  result  shall  be  the  new  exemption  base.  The exemption  shall  thereupon  be  recomputed to take into account the new exemption base, notwithstanding the fact that the assessor receives  the certification of the change in level of assessment after the completion, verification  and  filing of the final assessment roll. In the event the assessor does not have custody of the roll when  such  certification  is received,  the  assessor  shall  certify the recomputed exemption to the local officers having custody and control of the roll,  and  such  local officers  are  hereby  directed  and  authorized to enter the recomputed exemption certified by the assessor on the roll. The assessor shall give written notice of such recomputed exemption to the property  owner,  who may,   if   he  or  she  believes  that  the  exemption  was  recomputed incorrectly, apply for a correction in  the  manner  provided  by  title three  of  article  five  of this chapter for the correction of clerical errors.  (iii) The following table shall  illustrate  the  computation  of  the school district tax exemption:        Year of exemption                      Percentage of exemption               1                                        50               2                                        45               3                                        40               4                                        35               5                                        30               6                                        25               7                                        20               8                                        15               9                                        10              10                                         5  (b) No such exemption shall be granted unless:  (i)  such  construction  was  commenced  on  or after the first day of January, two thousand eight or such later date as may  be  specified  by resolution;  (ii)  the  residential  real  property is situate in a school district which serves a city with a  population  of  not  less  than  thirty-four thousand  and  not  more  than  thirty-five  thousand based upon the two thousand federal census;  (iii)  the  cost  of  such  construction  exceeds  the  sum of seventy thousand dollars or such greater amount as may be specified; and  (iv)  such  construction  is  completed  as  may  be  evidenced  by  a certificate  of occupancy or other appropriate documentation as provided by the owner.  (c) For purposes of this  section  the  term  construction  shall  not include ordinary maintenance and repairs.   3.  Such exemption shall be granted only upon application by the owner of such real property on a form prescribed  by  the  commissioner.  Such application  shall be filed with the assessor of a school district which serves a city with a population of not less  than  thirty-four  thousand and  not  more  than  thirty-five  thousand  based upon the two thousand federal census on or before the appropriate taxable status date of  such school  district and within one year from the date of completion of such construction.   4. If the assessor is satisfied that the applicant is entitled  to  an exemption  pursuant  to  this  section,  he  or  she  shall  approve the application and such real  property  shall  thereafter  be  exempt  from taxation  by  a school district which serves a city with a population of not less  than  thirty-four  thousand  and  not  more  than  thirty-five thousand  based upon the two thousand federal census as provided in this section commencing with the assessment roll prepared after  the  taxable status  date  referred  to  in  subdivision  three  of this section. The assessed value of any exemption granted pursuant to this  section  shall be  entered  by  the  assessor  on  the assessment roll with the taxable property, with the amount of the exemption shown in a separate column.   5. The provisions of this section shall apply to real property used as the primary residence of the owner.   6. In the event that real property granted an  exemption  pursuant  to this  section  ceases  to  be  used primarily for eligible purposes, the exemption granted pursuant to this section shall cease.   7. A school district which serves a city with a population of not less than thirty-four thousand and not more than thirty-five  thousand  based upon  the two thousand federal census may, by resolution, reduce the per centum  of  exemption  otherwise  allowed  pursuant  to  this   section; provided,  however,  that  a  project  in  course  of  construction  and exemptions existing prior in time to  passage  of  any  such  resolution shall  not  be  subject  to  any such reduction so effected. Such school district upon reduction of the per centum of exemption pursuant to  this subdivision  may  thereafter,  by resolution, increase the per centum of exemption up to any per centum not  exceeding  the  maximum  allowed  by subdivision  two  or  eleven  of  this section, whichever is applicable, provided,  however,  that  any  such  resolution  shall  apply  only  to construction   commenced  subsequent  to  the  effective  date  of  such resolution. A copy of all such  resolutions  shall  be  filed  with  the commissioner and the assessor of the school district.   8. A school district which serves a city with a population of not less than  thirty-four  thousand and not more than thirty-five thousand based upon the two thousand federal census by resolution, establish a date for the commencement of effectiveness of exemption offered pursuant to  this section  and may provide that the provisions of this section shall apply only to construction having a  greater  value  than  that  specified  by subdivision  two  of  this  section, provided, however, that such amount shall not exceed three hundred fifty thousand dollars.    9. (a) A school district which serves a city with a population of  not less  than  thirty-four  thousand and not more than thirty-five thousand based upon the two thousand federal census may, by resolution, establish a board to be known as the residential incentive board.  The  membership and composition of such board shall be set forth in the resolution.  (b)  The residential incentive board shall present a plan to the board of education of a school district which serves a city with a  population of  not  less  than  thirty-four  thousand and not more than thirty-five thousand based upon the  two  thousand  federal  census  concerning  the various  types  of  residential  real  property  which should be granted eligibility for  an  exemption  pursuant  to  subdivision  one  of  this section.  Such  plan  shall  make  a  recommendation  as  to whether the exemption be computed as provided in subdivision two of this section. In addition, such plan shall  identify  specific  geographic  areas  within which such exemptions should be offered. In developing the plan required by this paragraph, the board shall consider the planning objectives of a school  district  which serves a city with a population of not less than thirty-four thousand and not more than thirty-five thousand  based  upon the  two  thousand federal census, the necessity of the exemption to the attraction or retention of home owners and the economic benefit  to  the area of providing exemptions to home owners.  (c)  In  addition,  the  board  may make recommendations to the school board of a school district which serves a city with a population of  not less  than  thirty-four  thousand and not more than thirty-five thousand based upon the two thousand federal census with respect  to  actions  it deems desirable to improve the economic climate therein.   10.  If a school district which serves a city with a population of not less than thirty-four thousand and not more  than  thirty-five  thousand based  upon  the  two  thousand federal census establishes a residential incentive board, pursuant to subdivision  nine  of  this  section,  such school  district  may, by resolution, restrict real property eligible to receive the exemption to real property constructed  for  those  purposes identified  in  the  plan  presented by the board. Such resolution shall restrict the availability of such exemption to the  specific  geographic areas identified in the plan presented by the board.   11.  Any  school  district  which adopts an exemption pursuant to this section shall cause information relating to  the  availability  of  such exemption,  including  requirements  and  application  procedures, to be attached  to  all  building  permit  applications  and  copies  of  such information  shall  be posted in a conspicuous location in any office or offices where such permits and applications for permits are  issued  and processed.