NY A01289

Increases the exemption cap for capital improvements to residential buildings in cities from $80,000 to $168,000 in increased market value.

Raises the exemption cap for capital improvements in special assessing units that are not cities to $750,000 in increased market value.

Allows local jurisdictions to set exemption amounts lower than the cap but not less than $5,000 through local law or resolution.

Applies the same $168,000 cap calculation methodology using class I assessment ratios or state equalization rates to determine market value of improvements.

Takes effect immediately, with provisions reverting to the previous exemption framework on the date specified in the law's expiration clause.