2016 New York Laws
RPT - Real Property Tax
Article 4 - EXEMPTIONS
Title 2 - (420-A - 489) PRIVATE PROPERTY
467-J - Exemption for certain residential properties located in certain counties.

  467-j.  Exemption  for  certain  residential  properties located in
  certain counties. 1. After a public hearing, the governing  board  of  a
  county with a population greater than one hundred thousand and less than
  one  hundred  five  thousand  based upon the latest decennial census may
  adopt a local law to grant a partial exemption from taxation and special
  ad valorem levies authorized pursuant to this  section.  Following  such
  adoption,  any  city,  town  or village within such a county may adopt a
  local law and a school district within  such  a  county,  other  than  a
  school  district  subject to article fifty-two of the education law, may
  adopt a resolution to also grant a partial exemption from  taxation  and
  special ad valorem levies authorized pursuant to this section.
2.  The  real  property tax exemption authorized by subdivision one of
  this  section  shall  be  in  an  amount  equal  to  the  latest   state
  equalization  rate  multiplied by the difference between the full resale
  value of such real property  absent  any  restriction  and  the  maximum
  resale  value  of such real property established by such ground lease to
  residential properties located on land owned by a not-for-profit  entity
  and  subject  to  regulatory  restrictions  from federal, state or local
  housing programs  that  provide  grants  or  loans  to  enhance  housing
  affordability  and  subject  to a ground lease or deed restrictions that
  restrict the resale price of such real  property  for  at  least  thirty
  years.
3.  Such exemption shall be granted only upon application by the owner
  or  owners  of  such  real  property  on  a  form  prescribed   by   the
  commissioner.    Such  application  shall  be  filed  annually  with the
  assessor on or before the appropriate taxable status date.