NY A09678

Allows counties with populations between 100,000 and 105,000 to adopt a local law granting partial property tax exemptions after a public hearing.

Permits cities, towns, villages, and school districts within eligible counties to adopt local laws or resolutions to grant matching partial exemptions.

Exemption applies to residential properties on land owned by non-profit entities that are subject to federal, state, or local housing program restrictions and ground leases or deed restrictions limiting resale price for at least 30 years.

Exemption amount equals the state equalization rate multiplied by the difference between the unrestricted full resale value and the maximum resale value established by the ground lease.

Requires property owners to apply annually to the assessor on a prescribed form by the appropriate taxable status date to receive the exemption.