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

* § 485-j. Residential property improvement exemption; certain cities.
1.   Construction of improvements to residential real property initiated
on or after the first day of January, two thousand  six  in  the  cities
with  a  population of not less than one hundred thirty thousand and not
more than one hundred sixty thousand may be exempt from city and  school
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  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". 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 shall illustrate the computation of the  city
tax exemption:
 
Year of exemption                  Percentage of exemption
1                                    100
2                                    80
3                                    60
4                                    40
5                                    20
(iii)  Exemptions granted pursuant to this section shall apply to real
property taxes imposed for both city and school district purposes.
(b) No such exemption shall be granted unless: (i)  such  construction
of  improvements  was commenced on or after the first day of January two
thousand six or such later date as may be specified by local law;
(ii) the residential real  property  is  situate  in  a  city  with  a
population  of  not  less  than one hundred thirty thousand and not more
than one hundred sixty thousand;
(iii) the value of such construction exceeds the sum of  ten  thousand
dollars; and
(iv)  such  construction  is  documented  by  a  building  permit,  if
required, for the improvements, or other  appropriate  documentation  as
required by the assessor.
(c)   For   purposes   of  this  section  the  term  "construction  of
improvements" 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 city with a population
of not less than one hundred thirty  thousand  and  not  more  than  one
hundred  sixty thousand on or before the appropriate taxable status date
of such city and within one year from the date  of  completion  of  such
construction of improvements.
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 and special ad valorem levies by a city with  a  population  of
not  less than one hundred thirty thousand and not more than one hundred
sixty  thousand  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.  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.
6.  A  city  with  a  population  of  not less than one hundred thirty
thousand and not more than one hundred sixty thousand may, by local law,
establish a date for the commencement of effectiveness of the  exemption
offered pursuant to this section. A copy of all such local laws shall be
filed with the commissioner and the assessor of the city.
* NB There are 5 § 485-j's