Exemption Administration Manual, Part 1: Residential-Other than multiple dwellings—Section 4.01 - RPTL Section 485-v: Statewide Residential Revaluation

Assessor Manuals

Section 4.01 - RPTL Section 485-v: Statewide Residential Revaluation

Exemption code(s):

40130

Year originally enacted:

2021

Related statutes:

RPTL section 485-s

Summary:

 If allowed by local option, eligible residential property, or if located in an approved assessing unit, a dwelling that is held in a condominium form of ownership and classified in the homestead class, or if located in a special assessing unit, property classified in class one is partially exempt from general municipal, school, and special district taxes in the first year of a full value revaluation.  The amount of the exemption is limited to a declining percentage of the increase in equalized assessed value resulting from the full value revaluation exclusive of any increase due to physical change or the removal or reduction of an exemption.  The exemption is limited to the first year in which the revaluation assessments are entered on the assessment roll and the following year.

Eligibility requirements

Ownership requirements:

The property must be owned by the same owner or owners who appeared on the assessment roll upon which the revaluation is implemented.

Property location requirements:

None.

Property use requirements:

The property must be residential property.  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 in a special assessing unit and classified in class one.

Certification by state or local government:

The property must have no delinquent taxes as of the taxable status date for the assessment roll on which the exemption will be applied.

The property must be eligible to receive either the STAR exemption or the STAR credit.

Required construction start date or other time requirement:

The exemption must be initiated in the first year in which revaluation assessments are entered on the assessment roll.

Local option

Yes.  An assessing unit that has conducted a full value revaluation may adopt the exemption through passage of a local law in the first year of the revaluation.  The exemption will also apply to any county, village, school district, or special district that levies taxes on the assessment roll prepared by that assessing unit.  In addition, where a village assessing unit is located within a town that has conducted a revaluation, if the village opts to become a non-assessing village and to levy its taxes on the town’s assessment roll, the village may also opt to offer this exemption within two years of the town’s implementation of the revaluation.. 

 An assessing unit, through passage of a local law, may also further limit the eligibility to eligible residential property whose full value increase exceeded a set percentage threshold as specified in its local law.

Limitation on exemption

Payments in lieu of taxes:

None required.

Calculation of exemption

General municipal and school district taxes:

The exemption amount shall be equal to a percentage of the exemption base. The exemption base is the amount by which the assessed value of the property on the assessment roll upon which a revaluation has been implemented exceeds the equalized assessed value on the previous year’s assessment roll.  Any increase due to physical change or the removal or reduction of an exemption should not be included.

If any part of a parcel is fully or partially removed from the roll due to fire, demolition, destruction, or new exemption, the exemption amount must be reduced proportionally.

If the revaluation assessment of a property is reduced due to a Small Claims or Tax Certiorari action, the exemption amount should be recomputed accordingly.

Special ad valorem levies and special assessments:

Calculation is the same as for general municipal or school taxes. No exemption is allowed for special assessments.

Assessment roll section(s):

Taxable (RPS Section 1).

Note: This code should not be used to identify property that is exempt under any of the statutes listed under Similar Exemptions below.  For coding of such property, see the Exemption Profile for the statute that applies.

Filing requirements (owner or occupant of property)

Form RP-485-v2

Reporting requirements (assessor):

None.

Similar exemptions:

Exemption application forms

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