NY A07520

Establishes a 15-year property tax exemption for residential and mixed-use buildings (1-4 units with up to one commercial/retail unit) constructed on or after July 1, 2021 in cities with populations between 50,000-51,000 (2010 census).

Provides 100% exemption from city, county, and school district taxes for years 1-4, then phases down by 25% in year 5 and 5-10% annually in years 6-15, based on the increase in assessed value from construction.

Requires construction costs to exceed $70,000, project completion with certificate of occupancy, and location within eight designated U.S. census tracts (401-410).

Exemption terminates if property is sold, ownership changes, or property ceases to be used for eligible residential/mixed-use purposes; does not apply to special assessments or special ad valorem levies.

Exemption requires owner application to the city assessor within one year of construction completion, with county and school district participation dependent on passage of local law or resolution.