§ 467-j. Exemption for certain residential properties located in
certain counties. 1. After a public hearing, the governing board of a
county with a population greater than one hundred thousand and less than
one hundred five thousand based upon the latest decennial census may
adopt a local law to grant a partial exemption from taxation and special
ad valorem levies authorized pursuant to this section. Following such
adoption, any city, town or village within such a county may adopt a
local law and a school district within such a county, other than a
school district subject to article fifty-two of the education law, may
adopt a resolution to also grant a partial exemption from taxation and
special ad valorem levies authorized pursuant to this section.

2. The real property tax exemption authorized by subdivision one of
this section shall be in an amount equal to the latest state
equalization rate multiplied by the difference between the full resale
value of such real property absent any restriction and the maximum
resale value of such real property established by such ground lease to
residential properties located on land owned by a not-for-profit entity
and subject to regulatory restrictions from federal, state or local
housing programs that provide grants or loans to enhance housing
affordability and subject to a ground lease or deed restrictions that
restrict the resale price of such real property for at least thirty
years.

3. Such exemption shall be granted only upon application by the owner
or owners of such real property on a form prescribed by the
commissioner. Such application shall be filed annually with the
assessor on or before the appropriate taxable status date.