2016 New York Laws
RPT - Real Property Tax
Article 4 - EXEMPTIONS
Title 2 - (420-A - 489) PRIVATE PROPERTY
485-S*2 - Residential reassessment exemption.

*   485-s.  Residential reassessment exemption. 1. Applicability. The
  governing body of a town with a population of not less than thirty-seven
  thousand persons and not more than thirty-eight thousand persons located
  in a county of not less than nine hundred thirty  thousand  persons  and
  not  more  than one million two hundred thousand persons, based upon the
  latest U.S. census may, after a public hearing, adopt the provisions  of
  this  section by local law in the first year of a full value revaluation
  to provide a residential revaluation exemption. If  the  governing  body
  passes  a  local  law pursuant to this subdivision, such exemption shall
  also apply in the same manner and to the same extent  to  each  village,
  county,  special  district  or  school district that levies taxes on the
  assessment roll prepared by such town. A village within a town that  has
  conducted  a  revaluation  and  that chooses to adopt such town's latest
  final assessment roll is permitted  to  adopt  the  provisions  of  this
  section within two years of its implementation.
2.  Eligibility.  (a)  The  assessor shall, in the first year in which
  revaluation assessments are to be entered on the assessment roll and for
  the next succeeding year, apply to each eligible residential property an
  exemption as provided in subdivision three  of  this  section.  For  the
  purpose  of  this  section, to be an "eligible residential property" the
  following criteria must be met:
(i) The property must be a one-,  two-,  or  three-family  residential
  property,  provided  that  in  an approved assessing unit dwelling units
  held in condominium  form  of  ownership  that  are  classified  in  the
  homestead class shall also be eligible;
(ii)  The  property  must  be  eligible  to receive the STAR exemption
  authorized by section four hundred twenty-five  of  this  title  or  the
  owner  or  owners  must  be  eligible to receive the personal income tax
  school tax relief  (STAR)  credit  authorized  by  subsection  (eee)  of
  section  six hundred six of the tax law, as added by section six of part
  A of chapter sixty of  the  laws  of  two  thousand  sixteen,  for  such
  property.
(iii)  In  any given year, the owner or owners receiving the exemption
  pursuant to this section must be the same as the owner  or  owners  that
  appeared   on   the  assessment  roll  upon  which  the  revaluation  is
  implemented;
(iv) The property must have a Certificate of Occupancy or a  temporary
  Certificate of Occupancy; and
(v)  The property must not have any delinquent taxes as of the taxable
  status date for the roll on which an exemption is applied.
(b) In addition to the criteria provided  in  paragraph  (a)  of  this
  subdivision,  the  town assessing unit may further limit the eligibility
  to eligible residential property whose full value  increase  exceeded  a
  set  value  threshold  as  specified  in  their  local  law adopting the
  provisions of this section. If provided by local law, the town assessing
  unit may elect to grant exemptions to only those properties that do  not
  have building code violations.
3.  Exemption calculation. (a)(i) The exemption shall be computed with
  respect to a percentage of the  "exemption  base."  The  exemption  base
  shall  be  the  amount  by which the assessed value of a property on the
  assessment roll upon which the revaluation is  implemented  exceeds  the
  prior  year's  equalized  assessed  value,  as determined in the initial
  year. The prior year's equalized assessed value shall be  determined  by
  applying  the  applicable  change  in  level of assessment factor to the
  prior year's assessed value.  Such  exemption  base  shall  not  include
  increases  due to a physical improvement or a removal or reduction of an
  exemption on property.

(ii) Any increase in the assessment of  a  property  due  to  physical
  changes  in  the  year  following  the  implementation roll shall not be
  eligible for the exemption. In the event that any portion of a parcel is
  fully or partially removed from the roll during the year  following  the
  implementation  roll  by  reason of fire, demolition, destruction or new
  exemption, the assessor shall reduce the  exemption  for  any  remaining
  portion  in  the  same  proportion  assessment is reduced for such fire,
  demolition, destruction or new exemption. If  a  property's  revaluation
  assessment  is reduced pursuant to title one-A of article five, or title
  one or one-A of article seven of this chapter, the  exemption  shall  be
  recomputed accordingly.
(b)(i) The exemption shall be to the extent of sixty-six per centum of
  the  exemption  base  in  year  one  and  thirty-three per centum of the
  exemption base in year two.
(ii) The following table  shall  illustrate  the  computation  of  the
  exemption:
   Year of exemption        Percentage of Exemption
   1                        66% of exemption base
   2                        33% of exemption base
4.  Granting  of  exemption.  (a) 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 with the
  assessor  on  or  before  the  appropriate  taxable  status date for the
  assessment roll upon which the revaluation is implemented.
(b) 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 the taxable assessed  value  shall  be  reduced  by  the
  exemption,  as  in  this section provided commencing with the assessment
  roll prepared after the taxable status date. The assessed value  of  any
  exemption  granted  pursuant  to  this  section  shall be entered by the
  assessor on the assessment roll with the amount of the  exemption  shown
  in a separate column.
(c)  In  the  event that the residential property granted an exemption
  pursuant to this section transfers ownership or otherwise ceases to meet
  the eligibility requirements of the exemption in subdivision two of this
  section, the  exemption  granted  pursuant  to  this  section  shall  be
  discontinued.  Upon  determining  that  an exemption granted pursuant to
  this section should be discontinued, the assessor shall mail a notice so
  stating to the owner or owners thereof at the time  and  in  the  manner
  provided by section five hundred ten of this chapter.
* NB There are 3  485-s's