* § 485-v. Residential revaluation exemption. 1. Applicability. The\ngoverning body of an assessing unit may, after a public hearing, adopt\nthe provisions of this section by local law in the first year of a full\nvalue revaluation to provide a residential revaluation exemption. If the\ngoverning body of an assessing unit passes a local law pursuant to this\nsubdivision, such exemption shall also apply in the same manner and to\nthe same extent to each village, county, special district or school\ndistrict that levies taxes on the assessment roll prepared by such\nassessing unit. A village assessing unit, within an assessing unit that\nhas conducted a revaluation and that chooses to adopt that assessing\nunit's latest final assessment roll is permitted to adopt the provisions\nof this section within two years of its implementation.\n 2. Eligibility. (a) The assessors in each assessing unit that have\nadopted the provisions of this section shall, in the first year in which\nrevaluation assessments are to be entered on the assessment roll and for\nthe next succeeding year, apply to each eligible residential property an\nexemption as provided in subdivision three of this section. For the\npurpose of this section, to be an "eligible residential property" the\nfollowing criteria must be met:\n (i) The property must be a residential property, provided that\ndwelling units held in condominium form of ownership shall only be\neligible if located in an approved assessing unit and classified in the\nhomestead class or located in a special assessing unit and classified in\nclass one;\n (ii) The property must be eligible to receive the STAR exemption\nauthorized by section four hundred twenty-five of this title or the\nowner or owners must be eligible to receive the personal income tax\nschool tax relief (STAR) credit authorized by subsection (eee) of\nsection six hundred six of the tax law, for such property;\n (iii) In any given year, the owner or owners receiving the exemption\npursuant to this section must be the same as the owner or owners that\nappeared on the assessment roll upon which the revaluation is\nimplemented; and\n (iv) The property must not have any delinquent taxes as of the taxable\nstatus date for the roll on which an exemption is applied.\n (b) In addition to the criteria provided in paragraph (a) of this\nsubdivision, an assessing unit may further limit the eligibility to\neligible residential property whose full value increase exceeded a set\npercentage threshold as specified in their local law adopting the\nprovisions of this section.\n 3. Exemption calculation. (a)(i) The exemption shall be computed with\nrespect to a percentage of the "exemption base." The exemption base\nshall be the amount by which the assessed value of a property on the\nassessment roll upon which the revaluation is implemented exceeds the\nprior year's equalized assessed value, as determined in the initial\nyear. The prior year's equalized assessed value shall be determined by\napplying the applicable change in level of assessment factor to the\nprior year's assessed value. Such exemption base shall not include\nincreases due to a physical improvement or a removal or reduction of an\nexemption on property.\n (ii) Any increase in the assessment of a property due to physical\nchanges in the year following the implementation roll shall not be\neligible for the exemption. In the event that any portion of a parcel is\nfully or partially removed from the roll during the year following the\nimplementation roll by reason of fire, demolition, destruction or new\nexemption, the assessor shall reduce the exemption for any remaining\nportion in the same proportion assessment is reduced for such fire,\ndemolition, destruction or new exemption. If a property's revaluation\nassessment is reduced pursuant to title one-A of article five, or title\none or one-A of article seven of this chapter, the exemption shall be\nrecomputed accordingly.\n (b)(i) T
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