[Adopted 9-10-2012 by L.L. No. 4-2012[1]]
[1]
Editor's Note: This local law provided an effective date of
11-1-2012.
As used in this article, the following words, phrases, terms
and their derivations shall have the meanings set forth below:
A person who has not owned a primary residential property,
and is not married to a person who has owned a primary residential
property, during the three-year period prior to his or her purchase
of the primary residential property, and does not own a vacation or
investment home.
The exemption from taxes on newly constructed primary residential
property purchased by a first-time homebuyer, pursuant to the eligibility
criteria and the table set forth within this article.
The total combined income of all the owners and any of the
owners' spouses residing on the premises, for the income tax year
preceding the date of making application.
The adjusted gross income for federal income tax purposes
as reported on the applicant's latest available 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 or an individual retirement
annuity; provided that if no such return was filed within the one-year
period preceding taxable status date, income means the adjusted gross
income that would have been so reported if such a return had been
filed.
The federal or state income tax return for the tax year immediately
preceding the date of making application for the exemption; provided,
however, that if the tax return for such a year has not been filed,
then the income tax return for the tax year two years preceding the
date of making application will be considered the latest available
return.
The purchase price limits defined by the State of New York
Mortgage Agency (SONYMA) low-interest-rate mortgage program in the
nontarget, one-family new category for Oneida County in effect on
the contract date for the purchase and sale of a newly constructed
primary residential property.
An improvement to real property which was constructed as
a primary residential property, which has never been occupied and
was constructed after November 28, 2001, but on or before December
31, 2016. Newly constructed shall also mean that portion of a primary
residential property that is altered, improved or reconstructed.
Any one-family or two-family house, townhouse or condominium
located in the Town of Vernon which is owner-occupied by such homebuyer.
Real property taxes and special ad valorem levies levied
by or on behalf of the Town of Vernon; taxes shall not include Vernon
Town special assessments.
A.
Newly constructed primary residential property purchased by a first-time
homebuyer shall be entitled to the first-time homebuyer exemption
and shall be exempt from taxation in accordance with the eligibility
criteria set forth within this article.
B.
The first-time homebuyer exemption for eligible properties shall
be calculated in accordance with the following table:
|
Years of Exemption
|
Percentage of Assessed Valuation Exempt from Taxation
|
|---|---|
|
Year 1
|
50%
|
|
Year 2
|
40%
|
|
Year 3
|
30%
|
|
Year 4
|
20%
|
|
Year 5
|
10%
|
|
Year 6 or more
|
0%
|
A.
Any newly constructed primary residential property within the limits
of the maximum eligible sales price shall be eligible for the first-time
homebuyer exemption allowed pursuant to this article,
B.
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 first-time homebuyer exemption for that
portion of the sales price 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 first-time homebuyer
exemption.
A first-time homebuyer shall not qualify for the first-time
homebuyer exemption if the household income exceeds income limits
defined by SONYMA low-interest-rate mortgage program in the nontarget,
one- and two-person household category for Oneida County in effect
on the contract date of the purchase and sale of such property.
A first-time homebuyer who either as part of a 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
residential property 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
attributable to such reconstruction, alteration or improvement, provided
that the assessed value after reconstruction, alteration or improvement
does not exceed 15% more than the maximum eligible sales price.
No first-time homebuyer 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 made pursuant to a binding written contract
entered into prior to such date. First-time homebuyers who first receive
this exemption prior to December 31, 2016, will continue to receive
the exemption according to the established schedule.
The first-time homebuyer exemption shall be granted only upon
application by the owner on a form prescribed by the State Commissioner
of Taxation and Finance to the assessor of the city, town or village
having the power to assess the property for taxation, submitted on
or before the appropriate taxable status date and approval of such
application by such assessor.
A.
No portion of an otherwise eligible single-family newly constructed
primary residential property shall be leased during the period of
time when the first-time homebuyer 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 during the term of
the first-time homebuyer exemption, the exemption shall be discontinued.
B.
In the event that a primary residential property ceases to be used
primarily for residential purposes or title thereto is transferred
to someone other than the heirs or distributees of the owner during
the term of the first-time homebuyer exemption, the exemption will
be discontinued.
