2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 2 - Private Property › 485-S - Residential Reassessment Exemption.

* §  485-s.  Residential reassessment exemption. 1. Applicability. The
governing body of a town with a population of not less than  eighty-five
thousand  persons and not more than ninety-five thousand persons located
in a county of not less than nine hundred thirty  thousand  persons  and
not  more  than one million two hundred thousand persons, based upon the
latest U.S. census may, after a public hearing, adopt the provisions  of
this  section by local law in the first year of a full value revaluation
to provide a residential revaluation exemption. If  the  governing  body
passes  a  local  law pursuant to this subdivision, such exemption shall
also apply in the same manner and to the same extent  to  each  village,
county,  special  district  or  school district that levies taxes on the
assessment roll prepared by such town. A village within a town that  has
conducted  a  revaluation  and  that chooses to adopt such town's latest
final assessment roll is permitted  to  adopt  the  provisions  of  this
section within two years of its implementation.
2.  Eligibility.  (a)  The  assessor shall, in the first year in which
revaluation assessments are to be entered on the assessment roll and for
the next succeeding year, apply to each eligible residential property an
exemption as provided in subdivision three  of  this  section.  For  the
purpose  of  this  section, to be an "eligible residential property" the
following criteria must be met:
(i) The property must be a one-,  two-,  or  three-family  residential
property,  provided  that  in  an approved assessing unit dwelling units
held in condominium  form  of  ownership  that  are  classified  in  the
homestead class shall also be eligible;
(ii)  The  property  must  be  eligible  to receive the STAR exemption
authorized by section four hundred twenty-five  of  this  title  or  the
owner  or  owners  must  be  eligible to receive the personal income tax
school tax relief  (STAR)  credit  authorized  by  subsection  (eee)  of
section  six hundred six of the tax law, as added by section six of part
A of chapter sixty of  the  laws  of  two  thousand  sixteen,  for  such
property.
(iii)  In  any given year, the owner or owners receiving the exemption
pursuant to this section must be the same as the owner  or  owners  that
appeared   on   the  assessment  roll  upon  which  the  revaluation  is
implemented;
(iv) The property must have a Certificate of Occupancy or a  temporary
Certificate of Occupancy; and
(v)  The property must not have any delinquent taxes as of the taxable
status date for the roll on which an exemption is applied.
(b) In addition to the criteria provided  in  paragraph  (a)  of  this
subdivision,  the  town assessing unit may further limit the eligibility
to eligible residential property whose full value  increase  exceeded  a
set  value  threshold  as  specified  in  their  local  law adopting the
provisions of this section. If provided by local law, the town assessing
unit may elect to grant exemptions to only those properties that do  not
have building code violations.
3.  Exemption calculation. (a)(i) The exemption shall be computed with
respect to a percentage of the  "exemption  base."  The  exemption  base
shall  be  the  amount  by which the assessed value of a property on the
assessment roll upon which the revaluation is  implemented  exceeds  the
prior  year's  equalized  assessed  value,  as determined in the initial
year. The prior year's equalized assessed value shall be  determined  by
applying  the  applicable  change  in  level of assessment factor to the
prior year's assessed value.  Such  exemption  base  shall  not  include
increases  due to a physical improvement or a removal or reduction of an
exemption on property.
(ii) Any increase in the assessment of  a  property  due  to  physical
changes  in  the  year  following  the  implementation roll shall not be
eligible for the exemption. In the event that any portion of a parcel is
fully or partially removed from the roll during the year  following  the
implementation  roll  by  reason of fire, demolition, destruction or new
exemption, the assessor shall reduce the  exemption  for  any  remaining
portion  in  the  same  proportion  assessment is reduced for such fire,
demolition, destruction or new exemption. If  a  property's  revaluation
assessment  is reduced pursuant to title one-A of article five, or title
one or one-A of article seven of this chapter, the  exemption  shall  be
recomputed accordingly.
(b)(i) The exemption shall be to the extent of sixty-six per centum of
the  exemption  base  in  year  one  and  thirty-three per centum of the
exemption base in year two.
(ii) The following table  shall  illustrate  the  computation  of  the
exemption:
Year of exemption        Percentage of Exemption
1                        66% of exemption base
2                        33% of exemption base
4.  Granting  of  exemption.  (a) Such exemption shall be granted only
upon application by the owner or owners of such real property on a  form
prescribed by the commissioner. Such application shall be filed with the
assessor  on  or  before  the  appropriate  taxable  status date for the
assessment roll upon which the revaluation is implemented.
(b) 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 the taxable assessed  value  shall  be  reduced  by  the
exemption,  as  in  this section provided commencing with the assessment
roll prepared after the taxable status date. The assessed value  of  any
exemption  granted  pursuant  to  this  section  shall be entered by the
assessor on the assessment roll with the amount of the  exemption  shown
in a separate column.
(c)  In  the  event that the residential property granted an exemption
pursuant to this section transfers ownership or otherwise ceases to meet
the eligibility requirements of the exemption in subdivision two of this
section, the  exemption  granted  pursuant  to  this  section  shall  be
discontinued.  Upon  determining  that  an exemption granted pursuant to
this section should be discontinued, the assessor shall mail a notice so
stating to the owner or owners thereof at the time  and  in  the  manner
provided by section five hundred ten of this chapter.
* NB There are 3 § 485-s's