* § 485-v. Residential revaluation exemption. 1. Applicability. The
governing body of an assessing unit may, after a public hearing, adopt
the provisions of this section by local law in the first year of a full
value revaluation to provide a residential revaluation exemption. If the
governing body of an assessing unit passes a local law pursuant to this
subdivision, such exemption shall also apply in the same manner and to
the same extent to each village, county, special district or school
district that levies taxes on the assessment roll prepared by such
assessing unit. A village assessing unit, within an assessing unit that
has conducted a revaluation and that chooses to adopt that assessing
unit's latest final assessment roll is permitted to adopt the provisions
of this section within two years of its implementation.

2. Eligibility. (a) The assessors in each assessing unit that have
adopted the provisions of this section shall, in the first year in which
revaluation assessments are to be entered on the assessment roll and for
the next succeeding year, apply to each eligible residential property an
exemption as provided in subdivision three of this section. For the
purpose of this section, to be an "eligible residential property" the
following criteria must be met:

(i) The property must be a residential property, provided that
dwelling units held in condominium form of ownership shall only be
eligible if located in an approved assessing unit and classified in the
homestead class or located in a special assessing unit and classified in
class one;

(ii) The property must be eligible to receive the STAR exemption
authorized by section four hundred twenty-five of this title or the
owner or owners must be eligible to receive the personal income tax
school tax relief (STAR) credit authorized by subsection (eee) of
section six hundred six of the tax law, for such property;

(iii) In any given year, the owner or owners receiving the exemption
pursuant to this section must be the same as the owner or owners that
appeared on the assessment roll upon which the revaluation is
implemented; and

(iv) The property must not have any delinquent taxes as of the taxable
status date for the roll on which an exemption is applied.

(b) In addition to the criteria provided in paragraph (a) of this
subdivision, an assessing unit may further limit the eligibility to
eligible residential property whose full value increase exceeded a set
percentage threshold as specified in their local law adopting the
provisions of this section.

3. Exemption calculation. (a)(i) The exemption shall be computed with
respect to a percentage of the "exemption base." The exemption base
shall be the amount by which the assessed value of a property on the
assessment roll upon which the revaluation is implemented exceeds the
prior year's equalized assessed value, as determined in the initial
year. The prior year's equalized assessed value shall be determined by
applying the applicable change in level of assessment factor to the
prior year's assessed value. Such exemption base shall not include
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 physical
changes in the year following the implementation roll shall not be
eligible for the exemption. In the event that any portion of a parcel is
fully or partially removed from the roll during the year following the
implementation roll by reason of fire, demolition, destruction or new
exemption, the assessor shall reduce the exemption for any remaining
portion in the same proportion assessment is reduced for such fire,
demolition, destruction or new exemption. If a property's revaluation
assessment is reduced pursuant to title one-A of article five, or title
one or one-A of article seven of this chapter, the exemption shall be
recomputed accordingly.

(b)(i) The exemption shall be to the extent of sixty-six per centum of
the exemption base in year one and thirty-three per centum of the
exemption base in year two.

(ii) The following table shall illustrate the computation of the
exemption:

Year of exemption Percentage of Exemption

1 66% of exemption base

2 33% of exemption base

4. Granting of exemption. (a) 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 with the
assessor on or before the appropriate taxable status date for the
assessment roll upon which the revaluation is implemented.

(b) 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 the taxable assessed value shall be reduced by the
exemption, as in this section provided commencing with the assessment
roll prepared after the taxable status date. The assessed value of any
exemption granted pursuant to this section shall be entered by the
assessor on the assessment roll with the amount of the exemption shown
in a separate column.

(c) In the event that the residential property granted an exemption
pursuant to this section transfers ownership or otherwise ceases to meet
the eligibility requirements of the exemption in subdivision two of this
section, the exemption granted pursuant to this section shall be
discontinued. Upon determining that an exemption granted pursuant to
this section should be discontinued, the assessor shall mail a notice so
stating to the owner or owners thereof at the time and in the manner
provided by section five hundred ten of this chapter.

* NB There are 2 485-v's