* § 485-j. Residential property improvement exemption; certain cities.
1. Construction of improvements to residential real property initiated
on or after the first day of January, two thousand six in the cities
with a population of not less than one hundred thirty thousand and not
more than one hundred sixty thousand may be exempt from city and school
taxation as provided in this section.

2. (a)(i) Such real property shall be exempt for a period of one year
to the extent of one hundred per centum of the increase in assessed
value thereof attributable to such construction and for an additional
period of four years provided, however, that the extent of such
exemption shall be decreased by twenty per centum each year during such
additional period of four years and such exemption shall be computed
with respect to the "exemption base". The exemption base shall be the
increase in assessed value due to improvements as determined by the
assessor in the initial year of such five year period following the
filing of an original application.

(ii) The following table shall illustrate the computation of the city
tax exemption:
Year of exemption Percentage of exemption

1 100

2 80

3 60

4 40

5 20

(iii) Exemptions granted pursuant to this section shall apply to real
property taxes imposed for both city and school district purposes.

(b) No such exemption shall be granted unless: (i) such construction
of improvements was commenced on or after the first day of January two
thousand six or such later date as may be specified by local law;

(ii) the residential real property is situate in a city with a
population of not less than one hundred thirty thousand and not more
than one hundred sixty thousand;

(iii) the value of such construction exceeds the sum of ten thousand
dollars; and

(iv) such construction is documented by a building permit, if
required, for the improvements, or other appropriate documentation as
required by the assessor.

(c) For purposes of this section the term "construction of
improvements" shall not include ordinary maintenance and repairs.

3. Such exemption shall be granted only upon application by the owner
of such real property on a form prescribed by the commissioner. Such
application shall be filed with the assessor of a city with a population
of not less than one hundred thirty thousand and not more than one
hundred sixty thousand on or before the appropriate taxable status date
of such city and within one year from the date of completion of such
construction of improvements.

4. If the assessor is satisfied that the applicant is entitled to an
exemption pursuant to this section, he or she shall approve the
application and such real property shall thereafter be exempt from
taxation and special ad valorem levies by a city with a population of
not less than one hundred thirty thousand and not more than one hundred
sixty thousand 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. In the event that real property granted an exemption pursuant to
this section ceases to be used primarily for eligible purposes, the
exemption granted pursuant to this section shall cease.

6. A city with a population of not less than one hundred thirty
thousand and not more than one hundred sixty thousand may, by local law,
establish a date for the commencement of effectiveness of the exemption
offered pursuant to this section. A copy of all such local laws shall be
filed with the commissioner and the assessor of the city.

* NB There are 5 § 485-j's