Section 457 of the Real Property Tax Law of
the State of New York gives local governments and public school districts
the option of granting a reduction in the amount of property taxes
paid by qualifying first-time homebuyers.
As used in this article, the following terms
shall have the meanings indicated:
FIRST-TIME HOMEBUYER
A person who has not owned a primary residential property
and is not married to a person who has owned a residential property
during the three-year period prior to his or her purchase of the primary
residential property and who does not own a vacation or investment
home.
HOUSEHOLD INCOME
The total combined income of all the owners, and of any owners'
spouses residing on the premises, for the income tax year preceding
the date of making application for the exemption.
INCOME
The adjusted gross income for federal income tax purposes
as reported on the applicant's latest available federal or state income
tax return subject to any subsequent amendments or revisions, reduced
by distributions, to the extent included in federal adjusted gross
income, received from an individual retirement account, and an individual
retirement annuity, provided that if no such return was filed within
the one-year period preceding taxable status date, "income" shall
mean the adjusted gross income that would have been so reported if
such a return had been filed. For purposes of this definition, "latest
available return" shall mean the federal or state income tax return
for the year immediately preceding the date of making application;
provided, however, that if the tax return for such tax year has not
been filed, then the income tax return for the tax year two years
preceding the date of making application shall be considered the latest
available.
NEWLY CONSTRUCTED
An improvement to real property which was constructed as
a primary residential property, and which has never been occupied
and was constructed after the effective date of this article. "Newly
constructed" shall also mean that portion of a primary residential
property that is altered, improved, or reconstructed.
PRIMARY RESIDENTIAL PROPERTY
Any one- or two-family house, townhouse, or condominium located
in this state which is owner-occupied by such homebuyer.