2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 2 - Private Property › 485-W - Newly Constructed Single-Family and Multi-Family Residential Exemption; Certain Villages.

* § 485-w. Newly    constructed    single-family    and   multi-family
residential  exemption;   certain   villages.   1.   Single-family   and
multi-family   residential  properties  constructed  subsequent  to  the
effective date of a local law adopted pursuant to this section shall  be
exempt  from village taxes to the extent provided in this section. After
a public hearing, the governing board of a  village  with  a  population
greater  than  three  thousand  six  hundred  fifty  and less than three
thousand six hundred sixty, based  upon  the  latest  federal  decennial
census  may,  by  local  law, provide for the exemption of real property
from taxation as provided in this section. A  copy  of  such  local  law
shall   be  filed  with  the  commissioner  and  the  assessor  of  such
municipality who prepares the assessment roll on which the taxes of such
municipality are levied.
2. (a)(i) Eligible newly constructed  single-family  and  multi-family
residential   property  shall  be  exempt  according  to  the  following
schedule:
CONSTRUCTION OF SINGLE-FAMILY AND MULTI-FAMILY RESIDENTIAL PROPERTY
Year of exemption   Exemption
1                25%
2                20%
3                15%
4                10%
5                 5%
(ii) Such exemption shall apply solely to  the  increase  in  assessed
value  thereof attributable to the construction of the single-family and
multi-family residential property.
(b) No such exemption shall be granted unless:
(i) Such construction occurred  on  vacant,  predominantly  vacant  or
under-utilized land; and
(ii) Such construction commenced on or after the effective date of the
local  law  described  in  subdivision one of this section, but no later
than five years after the effective date of this section.
3. Application for exemption under this section shall  be  made  on  a
form  prescribed  by the commissioner and filed with such assessor on or
before the applicable taxable status date and within one year  from  the
date of completion of such construction.
4.  If such 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 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. A village with a population greater than three thousand six hundred
fifty  and  less  than  three thousand six hundred sixty, based upon the
latest federal decennial census may, by local law, establish a date  for
the  commencement  of effectiveness of the exemption offered pursuant to
this section and may provide that such  amount  calculated  pursuant  to
subparagraph  (ii)  of  paragraph (a) of subdivision two of this section
shall  not  exceed  three  hundred  seventy-five  thousand  dollars  per
property.
7. A local law adopted pursuant to this section may be repealed by the
governing body of the applicable village. In the event of such a repeal,
the exemption granted pursuant to this section shall cease.
* NB Repealed August 17, 2032