N.Y. Real Property Tax Law Section 485-S
Residential reassessment exemption


1.

Applicability. The governing body of a town with a population of not less than eighty-five thousand persons and not more than ninety-five thousand persons located in a county of not less than nine hundred thirty thousand persons and not more than one million two hundred thousand persons, based upon the latest U.S. census 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 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 town. A village within a town that has conducted a revaluation and that chooses to adopt such town’s latest final assessment roll is permitted to adopt the provisions of this section within two years of its implementation.

2.

Eligibility.

(a)

The assessor 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 one-, two-, or three-family residential property, provided that in an approved assessing unit dwelling units held in condominium form of ownership that are classified in the homestead class shall also be eligible;

(ii)

The property must be eligible to receive the STAR exemption authorized by § 425 (School tax relief (STAR) exemption)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 Tax Law § 606 (Credits against tax)section six hundred six of the tax law, as added by section six of part A of chapter sixty of the laws of two thousand sixteen, 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;

(iv)

The property must have a Certificate of Occupancy or a temporary Certificate of Occupancy; and

(v)

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, the town assessing unit may further limit the eligibility to eligible residential property whose full value increase exceeded a set value threshold as specified in their local law adopting the provisions of this section. If provided by local law, the town assessing unit may elect to grant exemptions to only those properties that do not have building code violations.

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 7 (Judicial Review)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 § 510 (Notice of increased assessments in towns, cities and certain counties)section five hundred ten of this chapter. * NB There are 3 § 485-s’s

Source: Section 485-S — Residential reassessment exemption, https://www.­nysenate.­gov/legislation/laws/RPT/485-S (updated Oct. 7, 2016; accessed Jul. 13, 2024).

420‑A
Nonprofit organizations
420‑B
Nonprofit organizations
420‑C
Exemption from local real property taxation of certain low income housing accommodations in a city having a population of one million or ...
421‑A
Affordable New York Housing Program
421‑B
Exemption of certain private dwellings, multiple dwellings and improvements from local taxation
421‑C
Exemption of certain new multiple dwellings from local taxation
421‑D
Exemption of multiple dwellings financed by the New York state housing finance agency from local taxation
421‑E
Exemption of cooperative, condominium, homesteading and rental projects from local taxation
421‑F
Exemption of capital improvements to residential buildings and certain new construction
421‑FF
Exemption of capital improvements to residential buildings in cities with a population between twenty-seven thousand five hundred and twe...
421‑G
Exemption from local taxation of certain multiple dwellings
421‑H
Exemption of capital improvements to multiple dwelling buildings within certain cities
421‑H*2
Exemption of capital improvements to residential buildings
421‑I
Exemption of capital improvements to multiple dwelling buildings within certain cities
421‑I*2
Exemption of capital improvements to multiple dwelling buildings within certain cities
421‑J
Exemption of capital investment in multiple dwelling buildings within certain cities
421‑J*2
Exemption of capital improvements to multiple dwelling buildings within certain cities
421‑K
Exemption of certain multiple dwellings
421‑L
Exemption of capital improvements to residential buildings in certain towns
421‑M
Exemption of certain new or substantially rehabilitated multiple dwellings from local taxation
421‑N
Exemption of capital improvements to multiple dwelling buildings within certain cities
421‑O
Exemption of capital improvements to multiple dwelling buildings within certain cities
421‑O*2
Exemption of capital improvements to multiple dwelling buildings within certain cities
421‑P
Exemption of newly-constructed or converted rental multiple dwellings
421‑P*2
Exemption of capital improvements to residential new construction involving the creation of accessory dwelling units
422
Not-for-profit housing companies
423
Phase out of exemption for redevelopment company projects upon the cessation of the tax exemption granted pursuant to contract
424
Institute of arts and sciences
425
School tax relief (STAR) exemption
425‑A
Abatement of county taxes in special assessing units
426
Opera houses
427
Performing arts buildings
428
Fraternal organizations
429
Real property used for professional major league sports
430
Interdenominational centers
432
Theatrical corporations created by act of congress
434
Academies of music
436
Officers of religious denominations
438
Trustees of a hospital, playground and library
440
Infant homes
442
Soldiers monument corporations
444
Historical societies
444‑A
Historic property
446
Cemeteries
450
Agricultural societies
452
Veterans organizations
454
Indians
455
Exemption option
456
Municipal railroads
457
Exemption for first-time homebuyers of newly constructed homes
458
Veterans
458‑A
Veterans
458‑B
Exemption for Cold War veterans
458‑C
Improvements to property of severely injured members of the armed forces of the United States
459
Persons who are physically disabled
459‑A
Improvements to property made pursuant to the Americans with Disabilities Act of 1990
459‑B
Physically disabled crime victims
459‑C
Persons with disabilities and limited incomes
460
Clergy
462
Religious corporations
464
Incorporated associations of volunteer firefighters
466
Volunteer firefighters and fire companies in villages
466‑A
Volunteer firefighters and volunteer ambulance workers
466‑A*2
Volunteer firefighters and volunteer ambulance workers
466‑B
Volunteer firefighters and volunteer ambulance workers
466‑C
Volunteer firefighters and volunteer ambulance workers
466‑C*2
Volunteer firefighters and volunteer ambulance workers
466‑C*3
Volunteer firefighters and volunteer ambulance workers
466‑C*4
Volunteer firefighters and volunteer ambulance workers
466‑C*5
Volunteer firefighters and volunteer ambulance workers
466‑C*6
Volunteer firefighters and volunteer ambulance workers
466‑C*7
Volunteer firefighters and volunteer ambulance workers
466‑D
Volunteer firefighters and volunteer ambulance workers
466‑D*2
Volunteer firefighters and volunteer ambulance workers
466‑D*3
Volunteer firefighters and volunteer ambulance workers
466‑D*4
Volunteer firefighters and volunteer ambulance workers
466‑E
Volunteer firefighters and volunteer ambulance workers
466‑E*2
Volunteer firefighters and volunteer ambulance workers
466‑E*3
Volunteer firefighters and volunteer ambulance workers
466‑E*4
Volunteer firefighters and volunteer ambulance workers
466‑F
Volunteer firefighters and volunteer ambulance workers
466‑F*2
Volunteer firefighters and volunteer ambulance workers
466‑F*3
Volunteer firefighters and volunteer ambulance workers
466‑F*4
Volunteer firefighters and volunteer ambulance workers
466‑F*5
Un-remarried spouses of volunteer firefighters or volunteer ambulance workers killed in the line of duty
466‑G
Volunteer firefighters and volunteer ambulance workers
466‑G*2
Volunteer firefighters and volunteer ambulance workers
466‑H
Volunteer firefighters and volunteer ambulance workers
466‑H*2
Un-remarried spouses of deceased volunteer firefighters or volunteer ambulance workers
466‑I
Volunteer firefighters and volunteer ambulance workers
466‑J
Volunteer firefighters and volunteer ambulance workers
466‑K
Volunteer firefighters and volunteer ambulance workers
467
Persons sixty-five years of age or over
467‑A
Partial tax abatement for residential real property held in the cooperative or condominium form of ownership in a city having a populatio...
467‑B
Tax abatement for rent-controlled and rent regulated property occupied by senior citizens or persons with disabilities
467‑C
Exemption for property owned by certain housing companies or sublessees of the battery park city authority and occupied by senior citizen...
467‑D
Assessment exemption for certain living quarters constructed to be occupied by a senior citizen or disabled individual
467‑E
Rebate for owners or tenant-stockholders of one, two or three family residences or residential property held in the condominium or cooper...
467‑F
Protective and safety devices tax abatement
467‑G
Rebate for owners of certain real property seriously damaged by the severe storm that occurred on the twenty-ninth and thirtieth of Octob...
467‑H
Partial abatement for certain rebuilt real property seriously damaged by the severe storm that occurred on the twenty-ninth and thirtieth...
467‑I
Real property tax abatement
467‑J
Exemption for certain residential properties located in certain counties
467‑K
Senior citizen longtime resident exemption
467‑K*2
Exemption for certain residential property required to participate in the federal flood insurance program
467‑L
Rebate for owners of certain real property in the city of New York
467‑M
Exemption from local real property taxation of certain multiple dwellings in a city having a population of one million or more
468
Fire patrol and salvage corps
469
Assessment exemption for living quarters for parent or grandparent
470
Exemption for improvements to real property meeting certification standards for green buildings
472
Pharmaceutical societies
474
Dental societies
476‑A
Railroad passenger stations
477
Tax exemption for industrial waste treatment facilities
477‑A
Tax exemption for air pollution control facilities
478
Tax exemption for off-street parking facilities providing underground shelters
479
Fallout shelter facilities
480
Forest and reforested lands
480‑A
Taxation of forest land
481
Taxation of land used for agricultural production
482
Quarantined lands
483
Exemption from taxation of structures and buildings essential to the operation of agricultural and horticultural lands
483‑A
Farm silos, farm feed grain storage bins, commodity sheds, bulk milk tanks and coolers, and manure storage and handling facilities
483‑B
Historic barns
483‑C
Temporary greenhouses
483‑D
Farm or food processing labor camps or commissaries
483‑E
Anaerobic digestion facilities
484
Urban redevelopment corporations and companies
485
Nuclear powered electric generating facilities
485‑A
Residential-commercial urban exemption program
485‑B
Business investment exemption
485‑C
Exemption from taxation of real property used in manufacture of steel in cities of fifty thousand or more persons
485‑D
Water-works corporations
485‑E
Empire zone exemption
485‑F
Banking development districts
485‑G
Infrastructure exemption
485‑H
Residential investment exemption
485‑I
Residential investment exemption
485‑I*2
Residential investment exemption
485‑J
Residential property improvement exemption
485‑J*2
Residential investment exemption
485‑J*3
Residential investment exemption
485‑J*4
Residential investment exemption
485‑J*5
Residential investment exemption
485‑K
Residential investment exemption
485‑L
Residential property improvement
485‑L*2
Residential investment exemption
485‑M
Residential investment exemption
485‑N
Residential-commercial exemption program
485‑O
New residential property exemption
485‑P
Economic transformation area exemption
485‑Q
Residential investment exemption
485‑R
Residential redevelopment inhibited property exemption
485‑S
Residential reassessment exemption
485‑S*2
Residential reassessment exemption
485‑S*3
Mixed use exemption program for villages
485‑T
Owner occupied residential property exemption program
485‑U
Class one reassessment exemption
485‑V
Residential revaluation exemption
485‑V*2
Residential and mixed-use investment exemption
485‑W
Newly constructed single-family and multi-family residential exemption
485‑X
Affordable neighborhoods for New Yorkers tax incentive
486
Non-profit medical and dental indemnity, or hospital service corporations
486‑A
Non-profit corporations operating as health maintenance organizations
487
Exemption from taxation for certain energy systems
487‑A
Exemption from taxation of conservation improvements to certain residential premises
488
Retirement systems
488‑A
Rehabilitation of certain class B multiple dwellings and class A multiple dwellings used for single room occupancy
489
Exemption from taxation of alterations and improvements to multiple dwellings to eliminate fire and health hazards

Accessed:
Jul. 13, 2024

Last modified:
Oct. 7, 2016

§ 485-S’s source at nysenate​.gov

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