The purpose of this article is to grant a partial
exemption from taxation for newly constructed homes purchased by first-time
homebuyers authorized by § 457 of the New York State Real
Property Tax Law.
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.
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 §
234-39 of this article.
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 City, on or
before the appropriate taxable status date.
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 §
234-44 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.
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.
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 this state which is owner-occupied by such homebuyer.