New York Laws
Title 2 - Private Property
485-W - Newly Constructed Single-Family and Multi-Family Residential Exemption; Certain Villages.

(ii) Such exemption shall apply solely to the increase in assessed
value thereof attributable to the construction of the single-family and
multi-family residential property.
(b) No such exemption shall be granted unless:
(i) Such construction occurred on vacant, predominantly vacant or
under-utilized land; and
(ii) Such construction commenced on or after the effective date of the
local law described in subdivision one of this section, but no later
than five years after the effective date of this section.
3. Application for exemption under this section shall be made on a
form prescribed by the commissioner and filed with such assessor on or
before the applicable taxable status date and within one year from the
date of completion of such construction.
4. If such 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 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. A village with a population greater than three thousand six hundred
fifty and less than three thousand six hundred sixty, based upon the
latest federal decennial census may, by local law, establish a date for
the commencement of effectiveness of the exemption offered pursuant to
this section and may provide that such amount calculated pursuant to
subparagraph (ii) of paragraph (a) of subdivision two of this section
shall not exceed three hundred seventy-five thousand dollars per
property.

7. A local law adopted pursuant to this section may be repealed by the
governing body of the applicable village. In the event of such a repeal,
the exemption granted pursuant to this section shall cease.
* NB Repealed August 17, 2032

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