[Adopted 2-6-2014 by L.L. No. 2-2014]
This article is enacted pursuant to the provisions of § 457 of the Real Property Tax Law of the State of New York to grant an exemption from real property taxation levied by the Village of Perry for 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.
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.
- 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 subsection, "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.
- PRIMARY RESIDENTIAL PROPERTY
- Any one- or two-family house, townhouse or condominium located in this state which is owner-occupied by such homebuyer.
- 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.
Such exemption shall be computed with the following:
Any newly constructed primary residential real property within the purchase price limits defined by the State of New York Mortgage Agency Low Interest Rate Mortgage Program in the nontarget, one-family new category for Wyoming County and in effect on the contract date for the purchase and sale of such property shall be eligible for the exemption allowed pursuant to this section.
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 section. 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 B(1) above.
For purposes of this section the terms reconstruction, alteration and improvement shall not include ordinary maintenance and repairs.
A first-time homebuyer shall not qualify for the exemption authorized pursuant to this section if the household income exceeds income limits defined by the State of New York Mortgage Agency Low Interest Rate Mortgage Program (SONYMA) in the nontarget, one- and two-person household category for Wyoming County and in effect on the contract date for the purchase and sale of such property.
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 15% above the maximum eligible sales price shall not be allowed any exemption.
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 section prior to such date shall continue to be allowed further exemptions pursuant to Subsection A above.
Termination of exemption.
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 section.
In the event that a primary residential property granted an exemption pursuant to this section 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.
Upon determining that an exemption granted pursuant to this section 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 by § 510 of this chapter. Such owner(s) 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(s) to establish eligibility for the exemption.
Editor's Note: See New York State Real Property Tax Law § 510.
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 Assessor of the Village on or before the appropriate taxable status date of the Village.
If satisfied that the applicant is entitled to an exemption pursuant to this article, the Assessor 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 E above. 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.
All ordinances, local laws and parts thereof inconsistent with this article are hereby repealed.
If any clause, sentence, paragraph, subdivision, or part of this article or the application thereof to any person, firm or corporation, or circumstance, shall be adjudged by any court of competent jurisdiction to be invalid or unconstitutional, such order or judgment shall not affect, impair, or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, subdivision, or part of this article or in its application to the person, individual, firm or corporation or circumstance, directly involved in the controversy in which such judgment or order shall be rendered.
On December 31, 2016, said law sunsets, becomes void and not in effect without any further action of the Board of Trustees of the Village of Perry, either before or after said date.
This article shall take effect upon its filing with the New York State Secretary of State. A copy of this article shall also be filed with the Commissioner and the Assessor of the Village who prepares the assessment roll on which the taxes of such Village are levied.