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

* §  485-v.  Residential  revaluation exemption. 1. Applicability. The
governing body of an assessing unit 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 of an assessing unit 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
assessing unit. A village assessing unit, within an assessing unit  that
has  conducted  a  revaluation  and that chooses to adopt that assessing
unit's latest final assessment roll is permitted to adopt the provisions
of this section within two years of its implementation.
2. Eligibility. (a) The assessors in each  assessing  unit  that  have
adopted the provisions of this section 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  residential  property,  provided that
dwelling units held in condominium  form  of  ownership  shall  only  be
eligible  if located in an approved assessing unit and classified in the
homestead class or located in a special assessing unit and classified in
class one;
(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, 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; and
(iv) 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, an assessing unit may  further  limit  the  eligibility  to
eligible  residential  property whose full value increase exceeded a set
percentage threshold as  specified  in  their  local  law  adopting  the
provisions of this section.
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 2 485-v's