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

§ 485-u. Class one reassessment exemption. 1. Applicability. A special
assessing  unit  that  is not a city may, by local law, opt to provide a
class one reassessment exemption  as  provided  in  this  section.  Such
exemption  shall  apply  in  the  same  manner and to the same extent to
county, town, special district and school district taxes levied  on  the
assessment roll prepared by such special assessing unit.
2.  Eligibility.  The assessor shall, for the two thousand twenty--two
thousand twenty-one final assessment roll and for  the  subsequent  four
years,  apply  an exemption as provided in this section to each property
classified in class one pursuant to article eighteen of this chapter.
3. Exemption calculation. (a) (i) The  assessor  shall  calculate  the
exemption  as  a  percentage  of  the exemption base. The exemption base
shall be the amount by which the assessment of a  property  on  the  two
thousand   twenty--two-thousand  twenty-one  tentative  assessment  roll
issued on or about January 2, 2019 exceeds the equalized  assessment  on
the  two  thousand  nineteen--two thousand twenty final assessment roll.
The assessor  shall  determine  the  equalized  assessment  on  the  two
thousand   nineteen--two   thousand  twenty  final  assessment  roll  by
multiplying a property's  effective  full  value  on  the  two  thousand
nineteen--two  thousand  twenty  final  assessment roll by the class one
level of assessment on the two thousand twenty--two thousand  twenty-one
final  assessment  roll.  The  assessor  shall  determine  a  property's
effective full value on the two thousand nineteen--two  thousand  twenty
final  assessment  roll  by  dividing the assessment on the two thousand
nineteen--two thousand twenty final assessment roll  by  the  class  one
level  of  assessment  on the two thousand nineteen--two thousand twenty
final assessment roll. Such exemption base shall not include  assessment
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  an  increase
in  a  property's  full  value or physical changes subsequent to the two
thousand twenty--two thousand twenty-one final assessment roll shall not
be eligible for the exemption. If any portion of a property is fully  or
partially  removed  from  the  assessment  roll  subsequent  to  the two
thousand twenty--two thousand twenty-one final assessment roll by reason
of fire, demolition, destruction or new exemption,  the  assessor  shall
reduce  the  exemption  for any remaining portion in the same proportion
the assessment is reduced for such fire, demolition, destruction or  new
exemption.
(b)  The exemption shall be eighty per centum of the exemption base on
the two thousand twenty--two thousand twenty-one final assessment  roll,
sixty   per   centum   of   the  exemption  base  on  the  two  thousand
twenty-one--two thousand twenty-two final  assessment  roll,  forty  per
centum  of  the  exemption  base  on  the  two  thousand twenty-two--two
thousand twenty-three final assessment roll, twenty per  centum  of  the
exemption   base   on   the   two  thousand  twenty-three--two  thousand
twenty-four final assessment roll and zero per centum of  the  exemption
base  on  the  two  thousand twenty-four--two thousand twenty-five final
assessment roll.
4. Entering of exemption on assessment roll. The assessor shall  enter
in  a  separate column on the assessment roll the value of any exemption
provided by this section.