*§ 485-v. Residential and mixed-use investment exemption; certain\ncities and school districts. 1. As used in this section: (a)\n"residential and mixed-use real property" means any structure containing\none to four units of which one unit may be for commercial or retail use,\nand the remaining units shall be for residential use; and\n (b) "construction" means the creation, modernization, rehabilitation,\nexpansion or other improvement of any structure but shall not include\nordinary maintenance or repairs.\n 2. Residential and mixed-use real property constructed on or after the\nfirst day of July, two thousand twenty-one located in a city with a\npopulation of not less than fifty thousand and not more than fifty-one\nthousand, based upon the two thousand ten federal census, shall be\nexempt from city, county and school taxation as provided in this\nsection.\n 3. (a) (i) Such real property shall be exempt for a period of four\nyears to the extent of one hundred per centum of the increase in\nassessed value thereof attributable to such construction and for an\nadditional period of eleven years provided, however, that the extent of\nsuch exemption shall be decreased by twenty-five per centum in year\nfive, ten per centum in each year six through year nine, and five per\ncentum each year during such additional period of six years and such\nexemption shall be computed with respect to the exemption base. The\nexemption base shall be the increase in assessed value as determined in\nthe initial year of such fifteen-year period following the filing of an\noriginal application, except as provided in subparagraph (ii) of this\nparagraph.\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, excluding any additional value\nderived from any physical or quantity changes to the parcel since the\nimmediately preceding assessment roll, and the denominator of which\nshall be the total assessed value of the parcel on the immediately\npreceding final assessment roll. The result shall be the new exemption\nbase. The exemption shall thereupon be recomputed to take into account\nthe new exemption base, notwithstanding the fact that the assessor\nreceives the certification of the change in level of assessment after\nthe completion, verification and filing of the final assessment roll. In\nthe event the assessor does not have custody of the roll when such\ncertification is received, the assessor shall certify the recomputed\nexemption to the local officers having custody and control of the roll,\nand such local officers are hereby directed and authorized to enter the\nrecomputed exemption certified by the assessor on the roll. The assessor\nshall give written notice of such recomputed exemption to the property\nowner, who may, 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) The following table shall illustrate the computation of the\ncity, county and school district tax exemption:\n Year of exemption Percentage of exemption\n 1 100%\n 2 100%\n 3 100%\n 4 100%\n 5 75%\n 6 65%\n 7 55%\n 8 45%\n 9 35%\n 10 30%\n 11 25%\n 12 20%\n 13 15%\n 14 10%\n 15 5%\n (b) No such exemption shall be granted unless:\n (i) such construction was commenced on or after the first day of July,\ntwo thousand twenty-one or such later date as may be specified by\nresolution;\n (ii) the residential and mixed-use real property is situated in a city\nwith a population of not less than fifty thousand and not more than\nfifty-one thousand, base
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