Relates to the applicability of the residential redevelopment inhibited property exemption

Property tax breaks reach more small homes

The law expands a temporary property tax break from owner-occupied, one-family homes to qualifying one- to four-unit homes. The home must be the primary residence of its owner or a tenant. Any New York city, town, or village can adopt the program by local law. Counties can then adopt it by local law after a public hearing; school districts can join by resolution. The break covers only added property value from approved demolition, repairs, rehabilitation, or cleanup—not the property's existing taxable value. It covers related property taxes and value-based special levies, but not special assessments for local improvements. Local officials must designate the property as neglected or abandoned and blocked from private redevelopment; undeveloped land is excluded. Qualifying grounds include three continuous years of vacancy, municipal acquisition through specified legal proceedings, tax foreclosure, or code repairs costing more than the property's value. Work needs required permits, approvals, and code compliance. Owners must apply by the local taxable status date and within three years after completing work. They must also file a residency affidavit with the assessor by that date each year. The break ends for missing affidavits, loss of primary-residence occupancy, changes beyond one to four units, or an owner's code-violation conviction. It stays with the property after a sale for the locally set exemption period, subject to these requirements. The law takes effect 30 days after becoming law.