§ 485-u. Class one reassessment exemption. 1. Applicability. A special
assessing unit that is not a city may, by local law, opt to provide a
class one reassessment exemption as provided in this section. Such
exemption shall apply in the same manner and to the same extent to
county, town, special district and school district taxes levied on the
assessment roll prepared by such special assessing unit.

2. Eligibility. The assessor shall, for the two thousand twenty--two
thousand twenty-one final assessment roll and for the subsequent four
years, apply an exemption as provided in this section to each property
classified in class one pursuant to article eighteen of this chapter.

3. Exemption calculation. (a) (i) The assessor shall calculate the
exemption as a percentage of the exemption base. The exemption base
shall be the amount by which the assessment of a property on the two
thousand twenty--two-thousand twenty-one tentative assessment roll
issued on or about January 2, 2019 exceeds the equalized assessment on
the two thousand nineteen--two thousand twenty final assessment roll.
The assessor shall determine the equalized assessment on the two
thousand nineteen--two thousand twenty final assessment roll by
multiplying a property's effective full value on the two thousand
nineteen--two thousand twenty final assessment roll by the class one
level of assessment on the two thousand twenty--two thousand twenty-one
final assessment roll. The assessor shall determine a property's
effective full value on the two thousand nineteen--two thousand twenty
final assessment roll by dividing the assessment on the two thousand
nineteen--two thousand twenty final assessment roll by the class one
level of assessment on the two thousand nineteen--two thousand twenty
final assessment roll. Such exemption base shall not include assessment
increases due to a physical improvement or a removal or reduction of an
exemption on property.

(ii) Any increase in the assessment of a property due to an increase
in a property's full value or physical changes subsequent to the two
thousand twenty--two thousand twenty-one final assessment roll shall not
be eligible for the exemption. If any portion of a property is fully or
partially removed from the assessment roll subsequent to the two
thousand twenty--two thousand twenty-one final assessment roll by reason
of fire, demolition, destruction or new exemption, the assessor shall
reduce the exemption for any remaining portion in the same proportion
the assessment is reduced for such fire, demolition, destruction or new
exemption.

(b) The exemption shall be eighty per centum of the exemption base on
the two thousand twenty--two thousand twenty-one final assessment roll,
sixty per centum of the exemption base on the two thousand
twenty-one--two thousand twenty-two final assessment roll, forty per
centum of the exemption base on the two thousand twenty-two--two
thousand twenty-three final assessment roll, twenty per centum of the
exemption base on the two thousand twenty-three--two thousand
twenty-four final assessment roll and zero per centum of the exemption
base on the two thousand twenty-four--two thousand twenty-five final
assessment roll.

4. Entering of exemption on assessment roll. The assessor shall enter
in a separate column on the assessment roll the value of any exemption
provided by this section.