New York Laws
Title 2 - Private Property
485-R - Residential Redevelopment Inhibited Property Exemption; Certain Cities.

(a) "Redevelopment inhibited property" shall mean a residential
property that has been neglected or abandoned because of the local
economic conditions and/or conditions on the property that inhibit such
property from being redeveloped by the private sector. Redevelopment
inhibited property shall not include land that is undeveloped.
(b) "Gap financing costs" shall mean the total cost of the property's
redevelopment as approved by the city minus the increase in the full
valuation of the property upon completion of the redevelopment.
(c) "Base assessment" shall mean the assessed value of the property on
the day the city designates the property as redevelopment inhibited.
(d) "Increased assessment" shall mean the assessed value of the
property as determined by the assessor upon completion of the
redevelopment.
(e) "Incremental increase in annual property taxes" shall mean the
taxes based on the increased assessment minus the taxes based on the
base assessment.
(f) "City" shall mean a city with a population of not less than
fifteen thousand two hundred fifty and not more than fifteen thousand
five hundred as determined by the latest federal decennial census.
2. A city may, by local law, provide for the exemption of real
property from taxation as provided in this section. Subsequent to the
adoption of such local law, the county in which such city is located may
after a public hearing and by local law, and any school district, all or
part of which is located in such city, may, by resolution, exempt such
property from its taxation in the same manner and to the same extent as
the city has done.
3. A city shall designate any property within the city boundaries as a
redevelopment inhibited property if one or more of the following are
met:
(a) the city has acquired title to the property pursuant to article
nineteen-A of the real property actions and proceedings law; or
(b) the property has been continuously vacant for a period of at least
three years; or
(c) the city has acquired title to the property via foreclosure for
unpaid taxes pursuant to article eleven of this chapter; or
(d) the property has outstanding zoning, housing, or uniform code
violations and the cost of remedying the violations exceeds the
property's value.
4. (a) Upon the adoption of such local law, redevelopment inhibited
property shall be exempt from taxation and special ad valorem levies to
the extent of any increase in value attributable to demolition,
alteration, rehabilitation, or remediation pursuant to the following
requirements:
(i) the demolition, alterations, rehabilitation, and/or remediation
shall be permitted by the city's bureau of inspection such that building
or plumbing permits issued and said demolition, alterations,
rehabilitation, and/or remediation shall have met all necessary
approvals per the applicable New York state uniform fire prevention and
building code, the city's municipal code and the city's bureau of
inspection upon completion; and
(ii) the property for which the exemption is sought shall be an
owner-occupied one-family residence; and
(iii) the owner of such property shall file annually an affidavit of
residency with the assessor of the city on or before the appropriate

taxable status date of such city, confirming continued owner-occupancy
of the property; and
(iv) the redevelopment inhibited property is exempt from taxation and
special ad valorem levies attributable to the increased assessment minus
the taxes and special ad valorem levies imposed on the base assessment.
Such exemption shall not apply to special assessments.
(b) In the event the property granted an exemption pursuant to this
section ceases to be owner-occupied and/or the affidavit of residency is
not filed annually for the approved exemption period, the exemption
granted pursuant to this section shall cease.
(c) In the event the property granted an exemption pursuant to this
section ceases to be a one-family dwelling, the exemption granted
pursuant to this section shall cease.
(d) In the event the owner of the property is convicted of a violation
or misdemeanor pursuant to New York state uniform fire prevention and
building code or the city's municipal code, the exemption granted
pursuant to this section shall cease.
5. (a) Such redevelopment inhibited property shall be exempt for a
period equal to the gap financing costs divided by the incremental
increase in annual property taxes resulting from such redevelopment. The
exemption period shall be rounded up to the nearest whole number and
shall not exceed twenty-five years.
(b) The extent of such exemption shall decrease the last eight years
of the exemption period by twelve and one-half percent of the increase
in assessment due to the redevelopment equaling a zero percent exemption
on the final year of the exemption period.
6. (a) Such exemption shall be granted only upon application by the
owner of such building for the residential redevelopment inhibited
property exemption, on a form prescribed by the city. Such application
must be filed with the assessor of the city on or before the appropriate
taxable status date of such city. The application must be filed with the
assessor of the city within three years from the date of completing the
demolition, alterations, rehabilitation, and/or remediation.
(b) The owner filing for such exemption shall not be required to be
the owner responsible for completing the demolition, alterations,
rehabilitation, and/or remediation.
(c) 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 and special ad valorem levies by the city commencing with the
assessment roll prepared after the taxable status date referred to in
this subdivision. The assessed value of any exemption granted pursuant
to this section shall be entered by the assessor of the city on the
assessment roll with the taxable property, with the amount of the
exemption shown in a separate column.
(d) Once granted, the residential redevelopment inhibited property
exemption runs with the land for the exemption period pursuant to this
section.

Structure New York Laws