§ 457. Exemption for first-time homebuyers of newly constructed homes.\n1. Newly constructed primary residential property purchased by one or\nmore persons, each of whom is a first-time homebuyer and has not been\nmarried to a homeowner in the three years prior to applying for this\nfirst-time homeowners exemption, shall be exempt from taxation levied by\nor on behalf of any county, city, town, village or school district in\nwhich such newly constructed residential property is located, provided\nthe legislative body or governing board of such county, city, town or\nvillage, after public hearing, adopts a local law, or a school district,\nother than a school district to which article fifty-two of the education\nlaw applies, adopts a resolution providing therefor. The length of such\nexemption shall be set forth in such local law or resolution, but in no\nevent shall it exceed five years.\nSuch exemption shall be computed in accordance with the following table:\n Year of Exemption Percentage assessed\n Valuation exempt from tax\n 1 50\n 2 40\n 3 30\n 4 20\n 5 10\n 6 or more 0\n A copy of such local laws or resolutions shall be filed with the\ncommissioner and the assessor of such county, city, town, or village who\nprepares the assessment roll on which the taxes of such county, city,\ntown, village or school district are levied.\n 2. (a) Any newly constructed primary residential real property within\nthe purchase price limits defined by the state of New York mortgage\nagency low interest rate mortgage program in the non-target, one family\nnew category for the county where such property is located and in effect\non the contract date for the purchase and sale of such property, shall\nbe eligible for the exemption allowed pursuant to this section.\n (b) A first-time homebuyer who either as part of the written contract\nfor sale of the primary residential property, or who enters into a\nwritten contract within ninety days after closing of the sale of the\nprimary residence for reconstruction, alteration or improvements, the\nvalue of which exceeds three thousand dollars, to the primary\nresidential property shall be exempt from taxation to the extent\nprovided by this section. Such exemption shall apply solely to the\nincrease in assessed value thereof attributable to such reconstruction,\nalteration or improvement provided that the assessed value after\nreconstruction, alteration, or improvements does not exceed fifteen\npercent more than the purchase price limits as defined in paragraph (a)\nof this subdivision. For purposes of this section the terms\nreconstruction, alteration and improvement shall not include ordinary\nmaintenance and repairs.\n (c) A first-time homebuyer shall not qualify for the exemption\nauthorized pursuant to this section if the household income exceeds\nincome limits defined by the state of New York mortgage agency low\ninterest rate mortgage program in the non-target, one and two person\nhousehold category for the county where such property is located and in\neffect on the contract date for the purchase and sale of such property.\n (i) The term "household income" as used herein shall mean the total\ncombined income of all the owners, and of any owners' spouses residing\non the premises, for the income tax year preceding the date of making\napplication for the exemption.\n (ii) The term "income" as used herein shall mean the "adjusted gross\nincome" for federal income tax purposes as reported on the applicant's\nlatest available federal or state income tax return subject to any\nsubsequent amendments or revisions, reduced by distributions, to the\nextent included in federa
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