§ 485-r. Residential redevelopment inhibited property exemption. 1. As\nused in this section, the following terms shall have the following\nmeanings:\n (a) "Redevelopment inhibited property" shall mean a residential\nproperty that has been neglected or abandoned because of the local\neconomic conditions and/or conditions on the property that inhibit such\nproperty from being redeveloped by the private sector as described in\nsubdivision three of this section. Redevelopment inhibited property\nshall not include land that is undeveloped.\n (b) "Gap financing costs" shall mean the total cost of the property's\nredevelopment as approved by the city, town, or village minus the\nincrease in the full valuation of the property upon completion of the\nredevelopment.\n (c) "Base assessment" shall mean the assessed value of the property on\nthe day the city, town, or village designates the property as\nredevelopment inhibited.\n (d) "Increased assessment" shall mean the assessed value of the\nproperty as determined by the assessor upon completion of the\nredevelopment.\n (e) "Incremental increase in annual property taxes" shall mean the\ntaxes based on the increased assessment minus the taxes based on the\nbase assessment.\n 2. A city, town, or village may, by local law, provide for the\nexemption of real property from taxation as provided in this section.\nSubsequent to the adoption of such local law, the county in which such\ncity, town, or village is located may after a public hearing and by\nlocal law, and any school district, all or part of which is located in\nsuch city, town, or village, may, by resolution, exempt such property\nfrom its taxation in the same manner and to the same extent as the city,\ntown, or village has done.\n 3. A local law adopted by a city, town, or village pursuant to\nsubdivision two of this section shall designate any property within such\ncity, town, or village's boundaries as a redevelopment inhibited\nproperty if one or more of the following are met:\n (a) the city, town, or village has acquired title to the property\npursuant to article nineteen-A of the real property actions and\nproceedings law; or\n (b) the property has been continuously vacant for a period of at least\nthree years; or\n (c) the county, city, town or village in which the property is located\nhas acquired title to the property via foreclosure for unpaid taxes\npursuant to article eleven of this chapter; or\n (d) the property has outstanding zoning, housing, or uniform code\nviolations and the cost of remedying the violations exceeds the\nproperty's value.\n 4. (a) Upon the adoption of such local law, redevelopment inhibited\nproperty shall be exempt from taxation and special ad valorem levies to\nthe extent of any increase in value attributable to demolition,\nalteration, rehabilitation, or remediation pursuant to the following\nrequirements:\n (i) the demolition, alterations, rehabilitation, and/or remediation\nshall be permitted by the applicable bureau of inspection such that\nbuilding or plumbing permits issued and said demolition, alterations,\nrehabilitation, and/or remediation shall have met all necessary\napprovals per the applicable New York state uniform fire prevention and\nbuilding code, the applicable municipal code and the applicable bureau\nof inspection upon completion; and\n (ii) the property for which the exemption is sought shall be a one to\nfour-unit residence and occupied as the primary residence of the owner\nor a tenant; and\n (iii) the owner of such property shall file annually an affidavit of\nresidency with the assessor of the city, town, or village on or before\nthe appropriate taxable status date, confirming continued occupancy of\nthe property by the owner or a tenant as their primary residence; and\n (iv) the redevelopment inhibited property is exempt from taxation and\nspecial ad valorem levies attributable to the increased assessment minus\nthe taxes and special ad valorem levies impo
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