NY S07257

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

Enables cities, towns, villages, and school districts within eligible counties to also adopt local laws or resolutions granting the same partial exemptions.

Exemption applies to residential properties on land owned by not-for-profit entities subject to federal, state, or local housing program restrictions and ground leases or deed restrictions limiting resale prices for at least 30 years.

Exemption amount equals the state equalization rate multiplied by the difference between the property's unrestricted resale value and its maximum restricted resale value.

Requires property owners to submit annual applications to assessors on or before the taxable status date, effective immediately upon passage.