§ 421-f. * Exemption of capital improvements to residential buildings\nand certain new construction.\n * NB Effective until January 1, 2026\n * Exemption of capital improvements to residential buildings.\n * NB Effective January 1, 2026\n1. Residential buildings reconstructed, altered or improved subsequent\nto the effective date of a local law or resolution pursuant to this\nsection shall be exempt from taxation and special ad valorem levies to\nthe extent provided hereinafter. After a public hearing, the governing\nboard of a county, city, town or village may adopt a local law and a\nschool district, other than a school district subject to article\nfifty-two of the education law, may adopt a resolution to grant the\nexemption authorized pursuant to this section. A copy of such local law\nor resolution shall be filed with the commissioner and the assessor of\nsuch county, city, town or village who prepares the assessment roll on\nwhich the taxes of such county, city, town, village or school district\nare levied.\n * 1-a. Buildings classified as class one property in section eighteen\nhundred two of this chapter reconstructed, altered, improved, or newly\nconstructed in a special assessing unit that is not a city shall be\nexempt from taxation and special ad valorem levies to the extent\nprovided hereinafter in the same manner and to the same extent to\ncounty, town, special district and school district taxes levied on the\nassessment roll prepared by such special assessing unit. Additional\nbuildings and yard improvements shall be excluded from receiving this\nexemption. An application shall not be required to receive the\nexemption.\n * NB Repealed January 1, 2026\n * 2. (a) Such buildings shall be exempt for a period of one year to\nthe extent of one hundred per centum of the increase in assessed value\nthereof attributable to such reconstruction, alteration or improvement,\nand new construction pursuant to subdivision one-a of this section, and\nfor an additional period of seven years subject to the following:\n (i) The extent of such exemption shall be decreased by twelve and\none-half per centum of the "exemption base" each year during such\nadditional period. The "exemption base" shall be the increase in\nassessed value as determined in the initial year of the term of the\nexemption, except as provided in subparagraph (ii) of this paragraph.\n (ii) In any year in which a change in level of assessment of fifteen\npercent or more is certified for a final assessment roll pursuant to the\nrules of the commissioner, the exemption base shall be multiplied by a\nfraction, the numerator of which shall be the total assessed value of\nthe parcel on such final assessment roll (after accounting for any\nphysical or quantity changes to the parcel since the immediately\npreceding assessment roll), and the denominator of which shall be the\ntotal assessed value of the parcel on the immediately preceding final\nassessment roll. The result shall be the new exemption base. The\nexemption shall thereupon be recomputed to take into account the new\nexemption base, notwithstanding the fact that the assessor receives\ncertification of the change in level of assessment after the completion,\nverification and filing of the final assessment roll. In the event the\nassessor does not have custody of the roll when such certification is\nreceived, the assessor shall certify the recomputed exemption to the\nlocal officers having custody and control of the roll, and such local\nofficers are hereby directed and authorized to enter the recomputed\nexemption certified by the assessor on the roll. The assessor shall give\nwritten notice of such recomputed exemption to the property owner, who\nmay, if he or she believes that the exemption was recomputed\nincorrectly, apply for a correction in the manner provided by title\nthree of article five of this chapter for the correction of clerical\nerrors.\n (iii) Except in a special assessing unit that
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