[Adopted 9-17-2013 by L.L. No. 4-2013]
The City of Oneonta herein adopts this article to provide for
the exemption of newly constructed primary residential property within
the City purchased by one or more persons, each of whom is a first-time
homebuyer and has not been married to a homeowner in the three years
prior to applying for this first-time homeowners' exemption, as authorized
in § 457 of the New York State Real Property Tax Law.
A.
Newly
constructed primary residential property within the City purchased
by one or more persons, each of whom is a first-time homebuyer 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 county, City, or school district. Such
exemption shall be computed in accordance with the following table:
Year of Exemption
|
Percentage of Assessed Valuation Exempt From Tax
| |
---|---|---|
1
|
50%
| |
2
|
40%
| |
3
|
30%
| |
4
|
20%
| |
5
|
10%
| |
6 or more
|
0%
|
B.
Any newly
constructed primary residential real property within the purchase
price limits defined 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 and in effect on the
contract date for the purchase and sale of such property shall be
eligible for the exemption allowed pursuant to this article
C.
A first-time homebuyer 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 sale 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 article. 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. For purposes of this section, the terms "reconstruction," "alteration" and "improvement" shall not include ordinary maintenance and repairs.
D.
A first-time
homebuyer shall not qualify for the exemption authorized pursuant
to this article if the household income exceeds income limits defined
by the State of New York Mortgage Agency Low Interest Rate Mortgage
Program in the nontarget, on- and two-person household category for
the county where such property is located and in effect on the contract
date for the purchase and sale of such property.
(1)
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.
(2)
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 subsection, "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.
E.
Newly
constructed primary residential property purchased by first-time homebuyers
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.
F.
No exemption shall be allowed pursuant to this article for any newly constructed primary residential property purchased by a first-time homebuyer on or after December 31, 2016, unless such purchase is pursuant to a binding written contract entered into prior to December 31, 2016; provided, however, that any first-time homebuyer who is allowed an exemption pursuant to this article prior to such date shall continue to be allowed further exemptions pursuant to Subsection A of this section.
G.
Discontinuance
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 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.
H.
Such exemption
shall be granted only upon application by the owner of such building
on a form prescribed by the commissioner. The application shall be
filed with the assessor of the city, on or before the appropriate
taxable status date.
I.
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 subdivision seven 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.
J.
FIRST-TIME HOMEBUYER
NEWLY CONSTRUCTED
PRIMARY RESIDENTIAL PROPERTY
Definitions.
For purposes of this article:
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 or reconstructed.
Any one- or two-family house, townhouse or condominium located
in this state which is owner-occupied by such homebuyer.