2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 2 - Private Property › 485-L - Residential Property Improvement; Certain Towns.

* § 485-l.   Residential   property  improvement;  certain  towns.  1.
Construction of improvements to residential real property  initiated  on
or  after  the  first day of January, two thousand seven in towns with a
population of not less than one hundred thousand and not more  than  one
hundred  twenty-five  thousand in counties with a population of not less
than nine  hundred  fifty  thousand  and  not  more  than  nine  hundred
seventy-five  thousand may be exempt from county, city, town, village or
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 one hundred per centum of the increase in the assessed
value thereof attributable to such construction and  for  an  additional
period  of  four  years  provided,  however,  that  the  extent  of such
exemption shall be decreased by twenty per centum each year during  such
additional  period  of  four  years and such exemption shall be computed
with respect to the "exemption base." For purposes of this section,  the
exemption   base  shall  be  the  increase  in  assessed  value  due  to
improvements as determined by the assessor in the initial year  of  such
five year period following the filing of an original application.
(ii)  The  following  table  illustrates  the  computation  of the tax
exemption:
Year of Exemption     Percentage of the Exemption
1                      100
2                       80
3                       60
4                       40
5                       20
(b) In addition to the criteria set out in  subdivision  one  of  this
section,  no  exemption  shall  be  granted unless: (i) The value of the
construction exceeds ten thousand dollars;
(ii) The construction is documented by a building permit, if  required
for such improvements, or other appropriate documentation as required by
the assessor; and
(iii) Such construction takes place on a one or two-family residential
dwelling where the assessor has previously reduced the assessment of the
dwelling  because  of  a decrease in value attributed by the assessor to
physical damage to the dwelling resulting from soil subsidence; and
(iv) The extent of such repairs eligible for the  exemption  shall  be
limited  to  such  construction  upon  a  one  or two-family residential
dwelling where the assessor has previously reduced the assessment of the
dwelling because of a decrease in value attributed by  the  assessor  to
physical damage to the dwelling resulting from soil subsidence.
(c)  For  purposes  of  this section, "improvements" shall not include
ordinary maintenance and repairs.
3. Such exemption shall be granted upon application by  the  owner  of
such  real  property  upon  a  form  prescribed by the commissioner. The
application shall be filed with the assessor of the town  on  or  before
the  taxable status date for that town and within one year from the date
of completion of the improvements.
4. If the assessor is satisfied that the applicant is entitled to  the
exemption  pursuant  to  this  section,  the  assessor shall approve the
application and the  real  property  shall  thereafter  be  exempt  from
taxation  and  special  ad  valorem  taxes by a town as provided by 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. During the term of the exemption granted pursuant to  this  section
if  title  to  the  real  property granted an exemption pursuant to this
section is transferred or if the property ceases to be used for eligible
purposes, the exemption granted pursuant to this section shall cease.
6.  A town with a population of not less than one hundred thousand and
not more than one hundred  twenty-five  thousand  in  a  county  with  a
population  of  not  less  than nine hundred fifty thousand and not more
than nine hundred seventy-five thousand may, by local law,  establish  a
date  for  the  commencement  of  effectiveness of the exemption offered
pursuant to this section. A copy of the local laws shall be  filed  with
the  commissioner,  the assessor of the town, the clerk of the town, and
the secretary of state.
* NB There are 2 § 485-l's