NY A10689

Establishes a residential reassessment exemption available to towns with population between 37,000-38,000 located in counties with population between 930,000-1,200,000 that conduct full value revaluations.

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

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

Property owners must apply for the exemption by the taxable status date on forms prescribed by the commissioner, and exemption terminates upon ownership transfer or loss of eligibility.

For the 2016 assessment roll implementation, applications may be filed by dates specified in local law, and property owners may appeal denials to the board of assessment review within ten days' notice.