NY A10649

Expands the section 421-f exemption to include class one residential buildings that are reconstructed, altered, improved, or newly constructed in special assessing units that are not cities, with exemption applied automatically without requiring an application.

Increases the exemption cap for special assessing units that are not cities from $80,000 to $750,000 in increased market value for improvements and new construction.

Exempts qualifying improvements for one year at 100 percent of the increase in assessed value, followed by seven additional years with exemptions decreasing by 12.5 percent annually, subject to reassessment adjustments when assessment levels change by 15 percent or more.

Removes the $3,000 minimum improvement threshold and five-year building age requirement for special assessing units that are not cities, allowing broader eligibility for new construction and improvements.

Applies to assessment rolls from 2022-2023 through 2024-2025 and takes effect immediately upon enactment.