NY A03489

Establishes a residential revaluation exemption in the Real Property Tax Law that assessing units may adopt by local law during the first year of a full value revaluation after holding a public hearing.

Limits eligibility to residential properties that are either classified as homestead or class one, are eligible for STAR exemption or STAR credit, have the same owner as on the prior assessment roll, and have no delinquent taxes.

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

Requires property owners to apply for the exemption using a form prescribed by the commissioner, filed with the assessor by the appropriate taxable status date.

Discontinues the exemption if the property changes ownership or ceases to meet eligibility requirements, with the assessor required to notify the owner by mail.