This article is authorized by § 457 of the New York
State Real Property Tax Law.
The purpose of this article is to allow real property tax exemptions
to first-time homebuyers of newly constructed homes. The legislative
findings of the State Legislature when it enacted § 457
of the Real Property Tax Law are hereby found to apply to the City
of Fulton as well.
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 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.
Subject to the restrictions in §
556-53, 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 homeowner's exemption, shall be exempt from taxation levied by or on behalf of the City of Fulton for five years, to the following extent:
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 copy of this article shall be filed with the State Board and
the Assessor of the City.