NY A10551

Authorizes towns with populations between 85,000-95,000 in counties with populations between 930,000-1.2 million to adopt a residential reassessment exemption by local law during a full value revaluation.

Exemption applies to one-, two-, or three-family residential properties and condominiums in homestead class that are eligible for STAR exemption and have no delinquent taxes.

Exemption is calculated as 66% of the assessed value increase in year one and 33% in year two, excluding increases from physical improvements or removal of existing exemptions.

Requires property owners to apply for the exemption using a form prescribed by the commissioner on or before the taxable status date for the revaluation roll.

Exemption is discontinued upon property transfer or if the owner no longer meets eligibility requirements; exemption does not apply to increases from physical changes in the year following implementation.