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/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 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 the 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 article, "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 Albany County which is owner-occupied by such homebuyer.
Newly constructed primary residential property located within
the County of Albany and purchased by one or more persons, each of
whom is a first-time homebuyer, shall be exempt from taxation levied
by or on behalf of the County of Albany for a period of five years,
which shall be computed in accordance with the following:
Year of Exemption
|
Percentage of Assessed Valuation Exempt from Taxation
|
---|
1
|
50%
|
2
|
40%
|
3
|
30%
|
4
|
20%
|
5
|
10%
|
6 or more
|
0
|
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
The Clerk of the Albany County Legislature is directed to file
a copy of this article with the New York Commissioner of Taxation
and Finance and the Assessors who prepare the assessment roll on which
the taxes of this County are levied.
This article shall take effect immediately upon filing in the
Office of the Secretary of State and shall apply to taxable years
beginning on or after July 1, 2011.