[Adopted 2-2-2017 by L.L.
No. 3-2017]
This article is enacted pursuant to Section 467-j of the Real
Property Tax Law of the State of New York, as amended through Chapter
352 of the Laws of 2016.
Pursuant to the provisions of Section 467-j of the Real Property
Tax Law of the State of New York, the real property tax exemption
authorized by this article shall be in an amount equal to the latest
state equalization rate multiplied by the difference between the full
resale value of such real property absent any restriction and the
maximum resale value of such real property established by a ground
lease to residential properties located on land owned by a not-for-profit
entity and subject to regulatory restrictions from federal, state
or local housing programs that provide grants or loans to enhance
housing affordability and subject to a ground lease or deed restrictions
that restrict the resale price of such real property for at least
30 years.
Such exemption shall be granted only upon successful application
by the owner or all the owners of such real property on a form as
prescribed by Section 467-j of the Real Property Tax Law of the State
of New York. The owner or owners shall furnish the information and
execute the form in the manner required or prescribed in such form
and shall file such form annually in the Tompkins County Assessment
office on or before the appropriate taxable status date. Such exemption
shall be granted only if the appropriate assessing authority approves
the application.
This article shall apply to assessment rolls prepared after
the effective date of this article on the basis of taxable status
dates occurring on or after March 1, 2017.
