Newly constructed primary residential property
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 the City of Cohoes pursuant to § 457
of the NYS Real Property Tax Law. The length of said exemption shall
be five years. 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%
|
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 ninety 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 improvement does not exceed 15% more than the purchase price limits as defined in Subsection
A of §
255-19. For purposes of this article the terms "reconstruction," "alteration" and "improvement" shall not include ordinary maintenance and repairs.
[Amended 3-28-2006 by L.L. No. 5-2006]
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 non-target, one-
and two-person household category for Albany County and in effect
on the contract date for the purchase and sale of such property.
[Amended 3-28-2006 by L.L. No. 5-2006; 7-26-2011 by L.L. No. 8-2011]
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 §
255-18 of this article.
Any exemption pursuant to this article shall
be granted only upon application by the owner thereof on the form
prescribed by the state board. The application shall be filed with
the Assessor of the City of Cohoes on or before the taxable status
date of March 1 to be eligible for an exemption to be entered on the
assessment roll prepared on the basis of said taxable status date.
The definitions of "income," "household income,"
"first-time homebuyer," "primary residential property," and "newly
constructed" shall be those set forth in § 457 of the NYS
Real Property Tax Law.