2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 2 - Private Property › 421-FF - Exemption of Capital Improvements to Residential Buildings in Cities With a Population Between Twenty-Seven Thousand Five Hundred and Twenty-Eight Thousand Based Upon the Two Thousand Ten Federal Census.

§  421-ff.  Exemption of capital improvements to residential buildings
in cities with a population between twenty-seven thousand  five  hundred
and  twenty-eight  thousand  based  upon  the  two  thousand ten federal
census. 1.  Residential buildings which have been reconstructed, altered
or improved subsequent to the effective date of a local law pursuant  to
this section shall be exempt from taxation and special ad valorem levies
to  the  extent provided hereinafter in cities with a population between
twenty-seven thousand five hundred and twenty-eight thousand based  upon
the  two  thousand  ten  federal  census.  For purposes of this section,
"reconstruction",  "alteration"  or  "improvement"  shall  not   include
ordinary  maintenance and repairs. After a public hearing, the governing
board of a city with such a population may adopt a local  law  to  grant
the  exemption authorized pursuant to this section. A copy of such local
law shall be filed with the commissioner and the assessor of  such  city
who  prepares  the  assessment  roll on which the taxes of such city are
levied.
2. Such buildings shall be exempt for a period of  two  years  to  the
extent  of  one  hundred  per  centum  of the increase in assessed value
thereof attributable to such reconstruction, alterations or improvements
and for an additional period of four years subject to the following:
(a) The extent of such exemption shall  be  decreased  by  twenty  per
centum  of  the  "exemption  base"  each  year  during  such  additional
four-year period,  such  that  during  year  three  there  shall  be  an
exemption of eighty per centum of the increase in assessed value thereof
attributable,  during year four there shall be an exemption of sixty per
centum of the increase in assessed value thereof attributable,  in  year
five  there shall be an exemption of forty per centum of the increase in
assessed value thereof attributable and in year six there  shall  be  an
exemption of twenty per centum of the increase in assessed value thereof
attributable; and
(b)  The  "exemption base" shall be the increase in assessed value due
to improvements as determined by the assessor in  the  initial  year  of
such six-year period following the filing of an original application.
3.  There  shall be enhanced benefits for improvement to real property
meeting certification standards for green  buildings.  Such  residential
real  property  that has been reconstructed, altered or improved that is
certified under a certification standard approved by the city  which  is
determined   to   be   equivalent   to  the  leadership  in  energy  and
environmental  design  (LEED)  certification  for  the   categories   of
certified/silver,  gold  or platinum as meeting green building standards
shall be exempt for the following percentages, provided that a  copy  of
the certification for a qualified category is filed with the assessor of
such  city  and the assessor approves the application for the applicable
category as meeting the requirements of this section and the  local  law
of such city:
(a)  Certified/silver  certification standard. Such buildings shall be
exempt for a period of three years to the  extent  of  one  hundred  per
centum  of  the  increase in assessed value thereof attributable to such
reconstruction, alteration or improvement and for an  additional  period
of four years. The extent of such exemption shall be decreased by twenty
per  centum  of  the  "exemption  base" each year during such additional
four-year period such that during year four there shall be an  exemption
of  eighty  per  centum  of  the  increase  in  assessed  value  thereof
attributable, during year five there shall be an exemption of sixty  per
centum  of  the increase in assessed value thereof attributable, in year
six there shall be an exemption of forty per centum of the  increase  in
assessed  value thereof attributable and in year seven there shall be an
exemption of twenty per centum of the increase in assessed value thereof

attributable. The "exemption base" shall be  the  increase  in  assessed
value  due  to improvements as determined by the assessor in the initial
year of such seven-year period  following  the  filing  of  an  original
application;
(b) Gold standard. Such buildings shall be exempt for a period of four
years  to  the  extent  of  one  hundred  per  centum of the increase in
assessed value thereof attributable to such  reconstruction,  alteration
or improvement and for an additional period of four years. The extent of
such exemption shall be decreased by twenty per centum of the "exemption
base" each year during such additional four-year period such that during
year  five  there  shall  be  an  exemption  of eighty per centum of the
increase in assessed value thereof attributable, during year  six  there
shall  be  an  exemption of sixty per centum of the increase in assessed
value thereof attributable, in year seven there shall be an exemption of
forty per centum of the increase in assessed value thereof  attributable
and  in  year  eight there shall be an exemption of twenty per centum of
the increase in assessed  value  thereof  attributable.  The  "exemption
base"  shall  be  the  increase in assessed value due to improvements as
determined by the assessor in the initial year of such eight-year period
following the filing of an original application; or
(c) Platinum standard. Such buildings shall be exempt for a period  of
six  years  to  the  extent of one hundred per centum of the increase in
assessed value thereof attributable to such  reconstruction,  alteration
or improvement and for an additional period of four years. The extent of
such exemption shall be decreased by twenty per centum of the "exemption
base" each year during such additional four-year period such that during
year  seven  there  shall  be  an  exemption of eighty per centum of the
increase in assessed value thereof attributable, during year eight there
shall be an exemption of sixty per centum of the  increase  in  assessed
value  thereof attributable, in year nine there shall be an exemption of
forty per centum of the increase in assessed value thereof  attributable
and  in year ten there shall be an exemption of twenty per centum of the
increase in assessed value thereof attributable.  The  "exemption  base"
shall  be  the  increase  in  assessed  value  due  to  improvements  as
determined by the assessor in the initial year of such  ten-year  period
following the filing of an original application.
4.  Exemptions  granted  pursuant  to this section shall apply to real
property taxes imposed for city purposes.
5. No such exemption shall be granted unless:
(a) Such  reconstruction,  alteration  or  improvement  was  commenced
subsequent  to the effective date of the local law or resolution adopted
pursuant to subdivision one of this section;
(b) The  value  of  such  reconstruction,  alteration  or  improvement
exceeds the sum of seventy-five hundred dollars; and
(c)  Such reconstruction, alteration or improvement is documented by a
building permit, if required, for the improvements or other  appropriate
documentation as required by the city assessor.
6.  Such exemption shall be granted only upon application by the owner
of such  building  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 twenty-seven thousand five hundred and not more than
twenty-eight thousand on or before the appropriate taxable  status  date
of  such  city  and within one year after the date of completion of such
reconstruction, alteration or improvement.
7. If satisfied  that  the  applicant  is  entitled  to  an  exemption
pursuant   to   this  section,  the  city  assessor  shall  approve  the
application and such building shall thereafter be exempt  from  taxation
and  special  ad  valorem levies by the city as provided in this section

commencing with the assessment roll prepared on the basis of the taxable
status date referred to in subdivision six of this section. The assessor
shall enter the assessed value of any exemption granted pursuant to this
section on the assessment roll for the taxable property, with the amount
of  the exemption shown in a separate column. In any case where there is
an  enhanced   exemption   benefit   based   on   a   certification   of
certified/silver,  gold  or  platinum  LEED standards in accordance with
applicable certification standards approved by the city, a copy of  such
certification shall be filed in the subject real property file.
8.  In  the  event that real property granted an exemption pursuant to
this section ceases to be used primarily for residential  purposes,  the
exemption granted pursuant to this section shall cease.