NY S08156

Adds section 485-s to real property tax law allowing towns with 37,000-38,000 residents in counties with 930,000-1,200,000 residents to adopt a residential reassessment exemption after a public hearing during a full value revaluation.

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

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

Exemption is granted by application to the assessor by the taxable status date and is discontinued if property ownership transfers or eligibility requirements are no longer met.

For the 2016 assessment roll specifically, allows alternative application deadlines set by local law, requires assessor to file the roll by December 1, 2016, and provides property owners the right to appeal denials to the board of assessment review.