NY Real Prop Tax L § 421-FF (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2 - Private Property 421-FF - Exemption of Capital Improvements to Residential Buildings in Cities With a Population Between Twenty-Seven Thousand Five Hundred and Twenty-Eight Thousand Based Upon the Two Thousand Ten Federal Census.

§  421-ff.  Exemption of capital improvements to residential buildings in cities with a population between twenty-seven thousand  five  hundred and  twenty-eight  thousand  based  upon  the  two  thousand ten federal census. 1.  Residential buildings which have been reconstructed, altered or improved subsequent to the effective date of a local law pursuant  to this section shall be exempt from taxation and special ad valorem levies to  the  extent provided hereinafter in cities with a population between twenty-seven thousand five hundred and twenty-eight thousand based  upon the  two  thousand  ten  federal  census.  For purposes of this section, "reconstruction",  "alteration"  or  "improvement"  shall  not   include ordinary  maintenance and repairs. After a public hearing, the governing board of a city with such a population may adopt a local  law  to  grant the  exemption authorized pursuant to this section. A copy of such local law shall be filed with the commissioner and the assessor of  such  city who  prepares  the  assessment  roll on which the taxes of such city are levied.   2. Such buildings shall be exempt for a period of  two  years  to  the extent  of  one  hundred  per  centum  of the increase in assessed value thereof attributable to such reconstruction, alterations or improvements and for an additional period of four years subject to the following:  (a) The extent of such exemption shall  be  decreased  by  twenty  per centum  of  the  "exemption  base"  each  year  during  such  additional four-year period,  such  that  during  year  three  there  shall  be  an exemption of eighty per centum of the increase in assessed value thereof attributable,  during year four there shall be an exemption of sixty per centum of the increase in assessed value thereof attributable,  in  year five  there shall be an exemption of forty per centum of the increase in assessed value thereof attributable and in year six there  shall  be  an exemption of twenty per centum of the increase in assessed value thereof attributable; and  (b)  The  "exemption base" shall be the increase in assessed value due to improvements as determined by the assessor in  the  initial  year  of such six-year period following the filing of an original application.   3.  There  shall be enhanced benefits for improvement to real property meeting certification standards for green  buildings.  Such  residential real  property  that has been reconstructed, altered or improved that is certified under a certification standard approved by the city  which  is determined   to   be   equivalent   to  the  leadership  in  energy  and environmental  design  (LEED)  certification  for  the   categories   of certified/silver,  gold  or platinum as meeting green building standards shall be exempt for the following percentages, provided that a  copy  of the certification for a qualified category is filed with the assessor of such  city  and the assessor approves the application for the applicable category as meeting the requirements of this section and the  local  law of such city:  (a)  Certified/silver  certification standard. Such buildings shall be exempt for a period of three years to the  extent  of  one  hundred  per centum  of  the  increase in assessed value thereof attributable to such reconstruction, alteration or improvement and for an  additional  period of four years. The extent of such exemption shall be decreased by twenty per  centum  of  the  "exemption  base" each year during such additional four-year period such that during year four there shall be an  exemption of  eighty  per  centum  of  the  increase  in  assessed  value  thereof attributable, during year five there shall be an exemption of sixty  per centum  of  the increase in assessed value thereof attributable, in year six there shall be an exemption of forty per centum of the  increase  in assessed  value thereof attributable and in year seven there shall be an exemption of twenty per centum of the increase in assessed value thereof  attributable. The "exemption base" shall be  the  increase  in  assessed value  due  to improvements as determined by the assessor in the initial year of such seven-year period  following  the  filing  of  an  original application;  (b) Gold standard. Such buildings shall be exempt for a period of four years  to  the  extent  of  one  hundred  per  centum of the increase in assessed value thereof attributable to such  reconstruction,  alteration or improvement and for an additional period of four years. The extent of such exemption shall be decreased by twenty per centum of the "exemption base" each year during such additional four-year period such that during year  five  there  shall  be  an  exemption  of eighty per centum of the increase in assessed value thereof attributable, during year  six  there shall  be  an  exemption of sixty per centum of the increase in assessed value thereof attributable, in year seven there shall be an exemption of forty per centum of the increase in assessed value thereof  attributable and  in  year  eight there shall be an exemption of twenty per centum of the increase in assessed  value  thereof  attributable.  The  "exemption base"  shall  be  the  increase in assessed value due to improvements as determined by the assessor in the initial year of such eight-year period following the filing of an original application; or  (c) Platinum standard. Such buildings shall be exempt for a period  of six  years  to  the  extent of one hundred per centum of the increase in assessed value thereof attributable to such  reconstruction,  alteration or improvement and for an additional period of four years. The extent of such exemption shall be decreased by twenty per centum of the "exemption base" each year during such additional four-year period such that during year  seven  there  shall  be  an  exemption of eighty per centum of the increase in assessed value thereof attributable, during year eight there shall be an exemption of sixty per centum of the  increase  in  assessed value  thereof attributable, in year nine there shall be an exemption of forty per centum of the increase in assessed value thereof  attributable and  in year ten there shall be an exemption of twenty per centum of the increase in assessed value thereof attributable.  The  "exemption  base" shall  be  the  increase  in  assessed  value  due  to  improvements  as determined by the assessor in the initial year of such  ten-year  period following the filing of an original application.   4.  Exemptions  granted  pursuant  to this section shall apply to real property taxes imposed for city purposes.   5. No such exemption shall be granted unless:  (a) Such  reconstruction,  alteration  or  improvement  was  commenced subsequent  to the effective date of the local law or resolution adopted pursuant to subdivision one of this section;  (b) The  value  of  such  reconstruction,  alteration  or  improvement exceeds the sum of seventy-five hundred dollars; and  (c)  Such reconstruction, alteration or improvement is documented by a building permit, if required, for the improvements or other  appropriate documentation as required by the city assessor.   6.  Such exemption shall be granted only upon application by the owner of such  building  on  a  form  prescribed  by  the  commissioner.  Such application shall be filed with the assessor of a city with a population of  not  less  than twenty-seven thousand five hundred and not more than twenty-eight thousand on or before the appropriate taxable  status  date of  such  city  and within one year after the date of completion of such reconstruction, alteration or improvement.   7. If satisfied  that  the  applicant  is  entitled  to  an  exemption pursuant   to   this  section,  the  city  assessor  shall  approve  the application and such building shall thereafter be exempt  from  taxation and  special  ad  valorem levies by the city as provided in this section  commencing with the assessment roll prepared on the basis of the taxable status date referred to in subdivision six of this section. The assessor shall enter the assessed value of any exemption granted pursuant to this section on the assessment roll for the taxable property, with the amount of  the exemption shown in a separate column. In any case where there is an  enhanced   exemption   benefit   based   on   a   certification   of certified/silver,  gold  or  platinum  LEED standards in accordance with applicable certification standards approved by the city, a copy of  such certification shall be filed in the subject real property file.   8.  In  the  event that real property granted an exemption pursuant to this section ceases to be used primarily for residential  purposes,  the exemption granted pursuant to this section shall cease.