[Adopted 1-25-2023 by L.L. No. 2-2023]
State Real Property Tax Law § 457 authorizes a municipality
to adopt a local law to provide a partial real property tax exemption
for eligible first-time home buyers. The intent of this article is
to allow such property tax exemption upon application made by a qualifying
first-time home buyer in accordance with Real Property Tax Law § 457.
If an applicant qualifies for this property tax exemption, such
exemption is hereby authorized in accordance with Real Property Tax
Law § 457 and this article, shall be limited to five years
and shall be computed in accordance with the following table:
|
Year of Exemption
|
Percentage Assessed Valuation Exempt From Tax
|
|---|---|
|
1
|
50%
|
|
2
|
40%
|
|
3
|
30%
|
|
4
|
20%
|
|
5
|
10%
|
|
6 or more
|
0%
|
The purchase price limits provided in Real Property Tax Law
§ 457 shall be increased by 25%.
An application for this property tax exemption must include
the certificate of occupancy for the construction for which the exemption
is sought.
