NY A11495

Allows counties, cities, towns, villages, and school districts to opt into a real property tax exemption for newly constructed detached single-family residences that are offered for sale by builders or developers.

Exempts the increased property value from the newly constructed residence from taxation until the property is sold or occupied as a residence, but for no longer than three years from exemption approval.

Requires property owners to apply for the exemption with proof they are doing business as a builder or developer, with applications filed to the local assessor by the taxable status date and no later than one year after construction completion.

Excludes cities with a population of one million or more from participating in this exemption program.

Takes effect immediately upon enactment.