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Assessor's Manual, Volume 4, Exemption Administration

Exemption Administration Manual - Part 1
Residential - Other Than Multiple Dwellings

Section 4.01 - RPTL Section 467-j

Residential Property In Certain Counties RPTL Section 467-j
Exemption Code(s): 4412_

Year Originally Enacted:     2016

Related Statutes:    None

SUMMARY: If allowed by local option, residential property located in a county with a population greater than 100,000 and less than 105,000 based upon the latest decennial census that is located on land owned by a nonprofit entity, subject to regulatory restrictions from federal, state, or local housing programs that provide grants or loans to enhance housing affordability, and is subject to a ground lease or deed restriction that restricts the resale price of the property for at least thirty years, is partially exempt from taxation and special ad valorem levies, but not special assessments.  For such properties, the difference between the full unrestricted resale value and the maximum resale value established by a ground lease or deed restriction, multiplied by the latest state equalization rate, is exempt.

  1. ELIGIBILITY REQUIREMENTS
    1. Ownership Requirements: The property must be owned by a nonprofit entity.  The land must also be subject to a ground lease or deed restriction that restricts the resale price of the property for at least thirty years.
       
    2. Property Location Requirements: Property must be located in a county with a population greater than 100,000 and less than 105,000 based upon the latest decennial census.   Based upon 2010 census data, only Tompkins County currently satisfies this population criterion.  .
       
    3. Property Use Requirements: The property must be used for residential purposes.

    4. Certification by State or Local Government: The land must be subject to regulatory restrictions from federal, state, or local housing programs that provide grants or loans to enhance housing affordability.

    5. Required Construction Start Date or Other Time Requirement:  None.
       
  2. LOCAL OPTION: Yes -- an eligible county may choose to allow the exemption through the adoption of a local law.  Upon the county’s adoption of such a local law, any city, town, or village located within the county may enact a local law allowing the exemption. Likewise, any school district, except one subject to article 52 of the education law, located in such county, may pass a resolution allowing the exemption.
     
  3. LIMITATION ON EXEMPTION:
       General
    Municipal
    Taxes
    School
    District
    Taxes
    Special
    Ad Valorem
    Levies
    Special
    Assessments
    1. Amount Yes* Yes* Yes* No
    exemption
    allowed
    2. Duration No Limit** No Limit** No Limit** No
    exemption
    allowed
    3. Taxing Jurisdiction
    a. County or County
    Special Districts
    Ex** NA Ex** Tax
    b. City
    Ex** NA NA Tax
    c. Town or Town
    Special District
    Ex** NA Ex** Tax
    d. Village
    Ex** NA NA Tax
    e. School District
    NA Ex** NA NA
        Ex-Exempt      Tax-Taxable      NA-Not Applicable

    *Amount is limited to the difference between the full resale value absent any restrictions and the restricted sale value contained within the ground lease or deed, multiplied by the latest state equalization rate.

    ** If allowed by local option (city, town, village and school district options are conditional on county adoption of exemption).

    ***Maintenance of exemption requires annual application.

  4. PAYMENTS IN LIEU OF TAXES: None required.

  5. CALCULATION OF EXEMPTION:
    1. General Municipal and School District Taxes: The amount of the exemption is calculated as the difference between the full unrestricted resale value and the maximum resale value established by a ground lease or deed restriction multiplied by the latest state equalization rate.

    2. Special Ad Valorem Levies and Special Assessments: For special ad valorem levies see Calculation of Exemption, General Municipal and School District taxes above. No exemption is allowed for special assessments.

  6. CODING OF EXEMPTION ON ASSESSMENT ROLL:
    Code Description of Alternative Codes Possible
    4412_

    Assessment Roll Section(s): Taxable (RPS Section 1).

    NOTE: These codes 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.

  7. FILING REQUIREMENTS (Owner or Occupant of Property):

    Form RP-467-j -Application for Partial Tax Exemption for Residential Real Property In Certain Counties

    Note: This application must be filed annually on or before taxable status date in order to maintain the exemption

  8. REPORTING REQUIREMENTS (Assessor): None.
     
  9. SIMILAR EXEMPTIONS: None

Exemption Application Form RP-467-j

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