[Adopted 8-13-2002 by L.L. No. 8-2002]
Pursuant to § 457 of the Real Property Tax Law of
the State of New York, the Town Board of the Town of Oyster Bay, after
due consideration, has provided for a partial real property tax exemption
for qualified first-time homeowners as specified below.
A.
Subject to the qualifications and regulation set forth herein, a
partial exemption from real property taxes is hereby granted to qualified
first-time homebuyers of primary property within the Town of Oyster
Bay.
B.
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 or on behalf of the Town of Oyster Bay, when such newly
constructed residential property is located within the Town of Oyster
Bay. Such exemption, to be for a period of five years, 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%
|
C.
Eligibility for exemption; exception.
(1)
Any newly constructed primary residential real property within the
purchase price limits as defined on January 1, 2001, by the State
of New York Mortgage Agency low-interest-rate-mortgage program in
the nontarget, one-family, new, category for Nassau County shall be
eligible for the exemption allowed pursuant to this article.
(2)
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 90 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 improvements does not exceed 15% more than the purchase price limits
as defined in Subsection (C)(1) of this section. For purposes of this
section, the terms "reconstruction," "alteration" and "improvement"
shall not include ordinary maintenance and repairs.
(3)
A first-time homebuyer shall not qualify for the exemption authorized
pursuant to this section if the household income exceeds income limits
as defined on January 1, 2001, by the State of New York Mortgage Agency
low-interest-rate-mortgage program in the nontarget, one- and two-person-household
category for Nassau County.
D.
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 exemption allowed pursuant to this article
for that portion of the sales price of such newly constructed primary
residential property equal to the maximum eligible sales price; provided,
however, that any newly constructed primary residential property purchased
at a sales price greater than 25% above the maximum eligible sales
price shall not be allowed any exemption.
E.
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, 2010, unless such purchase is pursuant to a binding written contract entered into prior to December 31, 2010; 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 Subsection B of this section.
[Amended 1-24-2006 by L.L. No. 1-2006]
F.
This exemption shall take effect immediately and shall apply to newly
constructed primary residential property purchased by a first-time
homebuyer on or after January 1, 2006.
[Amended 1-24-2006 by L.L. No. 1-2006]
As used in this article, the following terms shall have the
meanings indicated:
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.
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.
The adjusted gross income for federal income tax purposes
as reported on the applicant's latest available 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.
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.
Any one- or two-family house, townhouse or condominium located
in this state which is owner occupied by such homebuyer.
A.
No portion of a single-family newly constructed primary residential
property shall be leased during the period of time when the first-time
homeowner 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 agreement, the Assessor shall discontinue
any exemption granted pursuant to this article.
B.
In the event that a primary residential property granted an exemption
pursuant to this article ceases to be used primarily for residential
purposes or title thereto is transferred to other than the heirs or
distributees of the owner, the exemption granted pursuant to this
article shall be discontinued.
C.
Upon determining that an exemption granted pursuant to this article
should be discontinued, the Assessor shall mail a notice so stating
to the owner or owners thereof at the time and in the manner provided
in Real Property Tax Law § 510. Such owner or owners shall
be entitled to seek administrative and judicial review of such action
in the manner provided by law, provided that the burden shall be on
such owner or owners to establish eligibility for the exemption.
A.
Such exemption shall be granted only upon application by the owner
of such building on a form prescribed by the State Board. The application
shall be filed with the Nassau County Board of Assessors on or before
the taxable status date of Nassau County.
B.
If satisfied that the applicant is entitled to an exemption pursuant to this article, the Nassau County Board of Assessors, shall approve the application, and such primary residential property shall thereafter be exempt from taxation and special ad valorem levies as provided in this article, commencing with the assessment roll prepared on the basis of the taxable status date referred to in Subsection A of this article. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the assessment roll with the taxable property, with the amount of the exemption shown in a separate column.
If any clause, sentence, paragraph, subdivision, section or
other part of this article shall for any reason be adjudged by any
court of competent jurisdiction to be unconstitutional or otherwise
invalid, such judgment shall not affect, impair, or invalidate the
remainder of this article, and it shall be construed to have been
the legislative intent to enact this article without such unconstitutional
or invalid parts therein.
