[Adopted 7-9-2002 by L.L. No. 27-2002;
amended in its entirety 2-22-2005 by L.L. No. 8-2005]
A.
Newly constructed primary residential property purchased
by one or more persons, each of whom is a first-time home buyer and
has not been married to a homeowner in the three years prior to applying
for this first-time homeowners' exemption, shall be exempt from taxation
levied by or on behalf of the Town in which such newly constructed
residential property is located. "Newly constructed" shall also mean
that portion of a primary residential property that is altered, improved
and reconstructed. The length of such exemption shall not exceed five
years.
(1)
Such exemption shall be computed in accordance with
the following table:
|
Years of Exemption
|
Percentage of Assessed Valuation Exempt
From Tax
| |
|---|---|---|
|
1
|
50%
| |
|
2
|
40%
| |
|
3
|
30%
| |
|
4
|
20%
| |
|
5
|
10%
| |
|
6 or more
|
0%
|
(2)
This article shall be filed with the State Board,
the Office of Real Property Services (ORPS) and the Town Assessor
who prepares the assessment role on which the taxes of the Town are
levied.
B.
Eligibility.
(1)
Any newly constructed primary residential real property
within the purchase price limits as defined on the date of the contract
of sale for the purchase of the property by the State of New York
mortgage agency low-interest-rate mortgage program in the nontarget,
one-family new category for the county where such property is located
shall be eligible for the exemption allowed pursuant to this section.
(2)
A first-time home buyer who, either as part of the written contract for sale of the primary residential property, or who enters into a written contract within 90 days after closing of the same of the primary residence for reconstruction, alteration or improvements, the value of which exceeds $3,000, to the primary residential property shall be exempt from taxation to the extent provided by this section. Such exemption shall apply solely to the increase in assessed value thereof attributable to such reconstruction, alteration or improvement, provided that the assessed value after reconstruction, alteration or improvements does not exceed 15% more than the purchase price limits as defined in Subsection B(1) of this section. For purposes of this section, the terms "reconstruction," "alteration" and "improvement" shall not include ordinary maintenance and repairs.
(3)
A first-time home buyer shall not qualify for the
exemption authorized pursuant to this section if the household income
exceeds income limits as defined by the State of New York Mortgage
Agency (SONYMA) low-interest-rate mortgage program in the nontarget,
one- and two- person household for the county where such property
is located.
Amended 2-9-2016 by L.L.
No. 4-2016]
(a)
The term "household income" as used herein shall
mean 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.
(b)
The term "income" as used herein shall mean
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 section, "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.
C.
Newly constructed primary residential property purchased
by first-time home buyers at a sales price greater than the maximum
eligible sales price shall qualify for the exemption allowed pursuant
to this section for that portion of the sales price of such newly
constructed primary residential property equal to the maximum eligible
sales price; provided, however, that any newly constructed primary
residential property purchased at a sales price greater than 15% above
the maximum eligible sales price shall not be allowed any exemption.
D.
The purchase price limit used for eligibility for the exemption provided
for in this section shall not exceed the purchase price limit defined
by the State of New York Mortgage Agency (SONYMA) low-interest-rate
mortgage program in the nontarget, one-family, new category for the
county where such property is located, and in effect on the contract
date for the purchase and sale of such property.
[Amended 2-9-2016 by L.L.
No. 4-2016]
E.
No exemption shall be allowed pursuant to this section for any newly constructed primary residential property purchased by a first-time home buyer on or after December 31, 2028, unless such purchase is pursuant to a binding written contract entered into prior to December 31, 2028; provided, however, that any first-time home buyer who is allowed an exemption pursuant to this section prior to such date shall continue to be allowed further exemptions pursuant to Subsection A of this section.
[Amended 5-9-2006 by L.L. No. 20-2006; 1-24-2012 by L.L. No.
2-2012; 1-9-2018 by L.L. No. 3-2018[1]; 2-14-2023 by L.L. No. 6-2023]
[1]
Editor's Note: This local law stated that, pursuant to L.
2017, c. 128, it shall be deemed to have been in full force and effect
on or after 12-31-2016.
F.
Discontinuation of exemption.
(1)
No portion of a single-family newly constructed primary
residential property shall be leased during the period of time when
the first-time homeowner exemption shall apply to the residence. If
any portion of the single-family newly constructed primary residential
property is found to be the subject of a lease agreement, the Assessor
shall discontinue any exemption granted pursuant to this section.
(2)
In the event that a primary residential property granted
an exemption pursuant to this section ceases to be used primarily
for residential purposes or title thereto is transferred to other
than the heirs or distributees of the owner, the exemption granted
pursuant to this section shall be discontinued.
(3)
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 of the New York State Real
Property Tax Law. Such owner or owners shall be entitled to seek administrative
and judicial review of such action in the manner provided by law,
provided that the burden shall be on such owner or owners to establish
eligibility for the exemption.
G.
Such exemption shall be granted only upon application
by the owner of such building on a form prescribed by the State Board.
The application shall be filed with the Town Assessor on or before
the appropriate taxable status date of the Town.
H.
If satisfied that the applicant is entitled to an exemption pursuant to this section, the Assessor shall approve the application and such primary residential property shall thereafter be exempt from taxation and special ad valorem levies as provided in this section commencing with the assessment roll prepared on the basis of the taxable status date referred to in Subsection G of this section. The assessed value of any exemption granted pursuant to this section shall be entered by the Assessor on the assessment roll with the taxable property, with the amount of the exemption shown in a separate column.
I.
FIRST-TIME HOME BUYER
NEWLY CONSTRUCTED
PRIMARY RESIDENTIAL PROPERTY
Definitions. For purposes of this section, the following
terms shall have the meanings indicated:
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.
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 section. "Newly
constructed" shall also mean that portion of a primary residential
property that is altered, improved and reconstructed.
Any one- or two-family house, townhouse or condominium located
in this state which is owner-occupied by such home buyer.
