NY S08143

Allows a town with 85,000-95,000 residents in a county with 930,000-1.2 million residents to adopt a residential reassessment exemption by local law during a full value revaluation.

Eligible properties include one-, two-, or three-family homes and condominiums classified as homestead that receive STAR exemptions, have current ownership, possess a Certificate of Occupancy, and have no delinquent taxes.

Exemption is calculated as 66 percent of the increase in assessed value in year one and 33 percent in year two, excluding increases from physical improvements or exemption removals.

Property owners must apply with the assessor by the taxable status date; exemption is discontinued if ownership transfers or eligibility requirements are no longer met.

For towns adopting this exemption for the 2016 assessment roll, applications may be filed by a date specified in local law, and the assessor must file the roll by December 1, 2016.