NY A06974

Exempts residential properties in eligible Lake Ontario counties from assessment increases resulting from erosion protection and bank stabilization construction for 20 years total.

Provides 100% exemption for the first 11 years, then decreases by 10% annually over the next 9 years (years 12-20).

Requires construction to cost at least $10,000, be completed after enactment, and include documentation of erosion protection structures or bank stabilization approved by the Department of Environmental Conservation.

Applications must be filed with the municipal assessor within one year of construction completion and on or before the municipality's taxable status date.

Allows participating municipalities to reduce exemption percentages by local law, but exemptions cannot be retroactively reduced for projects already underway or approved before the local law's effective date.