Pursuant to the provisions of § 457 of the Real Property
Tax Law, owner-occupied, primary residential property that is newly
constructed or reconstructed under certain other conditions as outlined
herein is exempt from taxation and special ad valorem levies to the
extent of an annually declining percentage for at least some portion
of the assessed value of the property. No exemption is allowed for
special assessments.
This article shall become effective immediately upon filing
with the Secretary of State and shall be retroactive to November 28,
2001.
The owner or occupant of the property shall file Form RP-457
(1/02) — Application for Real Property Tax Exemption
of First-Time Homebuyers of Newly Constructed Homes.
The invalidity of any article, section, paragraph, sentence,
clause, word or provision of this article shall not invalidate any
other article, section, paragraph, clause, word or provision thereof.