New York Laws
Title 2 - Private Property
485-K - Residential Investment Exemption; Certain School Districts.

(ii) In any year in which a change in level of assessment of fifteen
percent or more is certified for a final assessment roll pursuant to the
rules of the commissioner, the exemption base shall be multiplied by a
fraction, the numerator of which shall be the total assessed value of
the parcel on such final assessment roll (after accounting for any
physical or quantity changes to the parcel since the immediately
preceding assessment roll), and the denominator of which shall be the
total assessed value of the parcel on the immediately preceding final
assessment roll. The result shall be the new exemption base. The
exemption shall thereupon be recomputed to take into account the new
exemption base, notwithstanding the fact that the assessor receives the
certification of the change in level of assessment after the completion,
verification and filing of the final assessment roll. In the event the
assessor does not have custody of the roll when such certification is
received, the assessor shall certify the recomputed exemption to the
local officers having custody and control of the roll, and such local
officers are hereby directed and authorized to enter the recomputed
exemption certified by the assessor on the roll. The assessor shall give
written notice of such recomputed exemption to the property owner, who
may, if he or she believes that the exemption was recomputed
incorrectly, apply for a correction in the manner provided by title
three of article five of this chapter for the correction of clerical
errors.
(iii) The following table shall illustrate the computation of the
school district tax exemption:

Year of exemption Percentage of exemption
1 50
2 45
3 40
4 35
5 30
6 25
7 20
8 15
9 10
10 5
(b) No such exemption shall be granted unless:
(i) such construction was commenced on or after the first day of
January, two thousand five or such later date as may be specified by
resolution;
(ii) the residential real property is situate in a school district
which serves a city with a population of not less than sixty thousand
six hundred and not more than sixty-one thousand;
(iii) the cost of such construction exceeds the sum of sixty thousand
dollars or such greater amount as may be specified; and
(iv) such construction is completed as may be evidenced by a
certificate of occupancy or other appropriate documentation as provided
by the owner.
(c) For purposes of this section the term construction 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 school district which
serves a city with a population of not less than sixty thousand six
hundred and not more than sixty-one thousand on or before the
appropriate taxable status date of such school district and within one
year from the date of completion of such construction.
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 by a school district which serves a city with a population of
not less than sixty thousand six hundred and not more than sixty-one
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. The provisions of this section shall apply to real property used as
the primary residence of the owner.
6. 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.
7. A school district which serves a city with a population of not less
than sixty thousand six hundred and not more than sixty-one thousand
may, by resolution, reduce the per centum of exemption otherwise allowed
pursuant to this section; provided, however, that a project in course of
construction and exemptions existing prior in time to passage of any
such resolution shall not be subject to any such reduction so effected.
Such school district upon reduction of the per centum of exemption
pursuant to this subdivision may thereafter, by resolution, increase the
per centum of exemption up to any per centum not exceeding the maximum
allowed by subdivision two of this section, whichever is applicable,
provided, however, that any such resolution shall apply only to
construction commenced subsequent to the effective date of such
resolution. A copy of all such resolutions shall be filed with the
commissioner and the assessor of the school district.
8. A school district which serves a city with a population of not less
than sixty thousand six hundred and not more than sixty-one thousand
may, by resolution, establish a date for the commencement of
effectiveness of exemption offered pursuant to this section and may
provide that the provisions of this section shall apply only to
construction having a greater value than that specified by subdivision
two of this section, provided, however, that such amount shall not
exceed three hundred twenty-five thousand dollars.
9. (a) A school district which serves a city with a population of not
less than sixty thousand six hundred and not more than sixty-one
thousand may, by resolution, establish a board to be known as the

residential incentive board. The membership and composition of such
board shall be set forth in the resolution.
(b) The residential incentive board shall present a plan to the board
of education of a school district which serves a city with a population
of not less than sixty thousand six hundred and not more than sixty-one
thousand concerning the various types of residential real property which
should be granted eligibility for an exemption pursuant to subdivision
one of this section. Such plan shall make a recommendation as to whether
the exemption be computed as provided in subdivision two of this
section. In addition, such plan shall identify specific geographic areas
within which such exemptions should be offered. In developing the plan
required by this paragraph, the board shall consider the planning
objectives of a school district which serves a city with a population of
not less than sixty thousand six hundred and not more than sixty-one
thousand, the necessity of the exemption to the attraction or retention
of home owners and the economic benefit to the area of providing
exemptions to home owners.
(c) In addition, the board may make recommendations to the school
board of a school district which serves a city with a population of not
less than sixty thousand six hundred and not more than sixty-one
thousand with respect to actions it deems desirable to improve the
economic climate therein.
10. If a school district which serves a city with a population of not
less than sixty thousand six hundred and not more than sixty-one
thousand establishes a residential incentive board, pursuant to
subdivision nine of this section, such school district may, by
resolution, restrict real property eligible to receive the exemption to
real property constructed for those purposes identified in the plan
presented by the board. Such resolution shall restrict the availability
of such exemption to the specific geographic areas identified in the
plan presented by the board.

Structure New York Laws