S T A T E   O F   N E W   Y O R K
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                                   10307
 
                           I N  A S S E M B L Y
 
                              April 10, 2018
                                ___________
 
 Introduced by M. of A. STIRPE -- read once and referred to the Committee
   on Real Property Taxation
 
 AN  ACT  to  amend  the  real  property tax law, in relation to allowing
   certain villages to  enact  a  tax  exemption  for  newly  constructed
   single-family  and  multi-family residential properties; and providing
   for the repeal of such provisions upon expiration thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  real  property  tax  law  is amended by adding a new
 section 485-u to read as follows:
   § 485-U. NEWLY CONSTRUCTED SINGLE-FAMILY AND MULTI-FAMILY  RESIDENTIAL
 EXEMPTION;  CERTAIN VILLAGES. 1. SINGLE-FAMILY AND MULTI-FAMILY RESIDEN-
 TIAL PROPERTIES CONSTRUCTED SUBSEQUENT TO THE EFFECTIVE DATE OF A  LOCAL
 LAW  ADOPTED PURSUANT TO THIS SECTION SHALL BE EXEMPT FROM VILLAGE TAXES
 TO THE EXTENT PROVIDED IN THIS SECTION.  AFTER  A  PUBLIC  HEARING,  THE
 GOVERNING  BOARD OF A VILLAGE WITH A POPULATION GREATER THAN THREE THOU-
 SAND FOUR HUNDRED FORTY AND LESS THAN THREE THOUSAND FOUR HUNDRED FIFTY,
 BASED UPON THE TWO THOUSAND  TEN  FEDERAL  CENSUS  MAY,  BY  LOCAL  LAW,
 PROVIDE  FOR THE EXEMPTION OF REAL PROPERTY FROM TAXATION AS PROVIDED IN
 THIS SECTION. A COPY OF SUCH LOCAL LAW SHALL BE FILED WITH  THE  COMMIS-
 SIONER AND THE ASSESSOR OF SUCH MUNICIPALITY WHO PREPARES THE ASSESSMENT
 ROLL ON WHICH THE TAXES OF SUCH MUNICIPALITY ARE LEVIED.
   2.  (A)(I)  ELIGIBLE  NEWLY CONSTRUCTED SINGLE-FAMILY AND MULTI-FAMILY
 RESIDENTIAL PROPERTY SHALL BE EXEMPT ACCORDING TO THE  FOLLOWING  SCHED-
 ULE:
     CONSTRUCTION OF SINGLE-FAMILY AND MULTI-FAMILY RESIDENTIAL PROPERTY
 
                     YEAR OF EXEMPTION   EXEMPTION
                           1                25%
                           2                20%
                           3                15%
                           4                10%
                           5                 5%
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD15206-02-8

 A. 10307                            2
 
   (II)  SUCH  EXEMPTION  SHALL  APPLY SOLELY TO THE INCREASE IN ASSESSED
 VALUE THEREOF ATTRIBUTABLE TO THE CONSTRUCTION OF THE SINGLE-FAMILY  AND
 MULTI-FAMILY RESIDENTIAL PROPERTY.
   (B) NO SUCH EXEMPTION SHALL BE GRANTED UNLESS:
   (I)  SUCH  CONSTRUCTION  OCCURRED  ON  VACANT, PREDOMINANTLY VACANT OR
 UNDER-UTILIZED LAND; AND
   (II) SUCH CONSTRUCTION COMMENCED ON OR AFTER THE EFFECTIVE DATE OF THE
 LOCAL LAW DESCRIBED IN SUBDIVISION ONE OF THIS  SECTION,  BUT  NO  LATER
 THAN FIVE YEARS AFTER THE EFFECTIVE DATE OF THIS SECTION.
   3.  APPLICATION  FOR EXEMPTION   UNDER THIS SECTION SHALL BE MADE ON A
 FORM PRESCRIBED BY THE COMMISSIONER AND FILED WITH SUCH ASSESSOR  ON  OR
 BEFORE  THE  APPLICABLE TAXABLE STATUS DATE AND WITHIN ONE YEAR FROM THE
 DATE OF COMPLETION OF SUCH CONSTRUCTION.
   4. IF SUCH ASSESSOR IS SATISFIED THAT THE APPLICANT IS ENTITLED TO  AN
 EXEMPTION PURSUANT TO THIS SECTION, HE OR SHE SHALL APPROVE THE APPLICA-
 TION  AND SUCH REAL PROPERTY SHALL THEREAFTER BE EXEMPT FROM TAXATION AS
 PROVIDED IN THIS SECTION COMMENCING WITH THE  ASSESSMENT  ROLL  PREPARED
 AFTER  THE  TAXABLE STATUS DATE REFERRED TO IN SUBDIVISION THREE OF THIS
 SECTION. THE ASSESSED VALUE OF ANY EXEMPTION GRANTED  PURSUANT  TO  THIS
 SECTION SHALL BE ENTERED BY THE ASSESSOR ON THE ASSESSMENT ROLL WITH THE
 TAXABLE  PROPERTY,  WITH THE AMOUNT OF THE EXEMPTION SHOWN IN A SEPARATE
 COLUMN.
   5. THE PROVISIONS OF THIS SECTION SHALL APPLY TO REAL PROPERTY USED AS
 THE PRIMARY RESIDENCE OF THE OWNER.
   6. A LOCAL LAW ADOPTED PURSUANT TO THIS SECTION MAY BE REPEALED BY THE
 GOVERNING BODY OF THE APPLICABLE VILLAGE. IN THE EVENT OF SUCH A REPEAL,
 THE EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL CEASE.
   § 2. This act shall take effect immediately; provided,  however,  that
 this  act  shall  expire and be deemed repealed ten years after it shall
 have become a law.