§ 485-y. Vacant residential real property improvement exemption;\ncertain cities. 1. Construction of improvements to residential real\nproperty, provided that such real property was continuously vacant for a\nperiod of at least three years prior to such construction, initiated on\nor after January first, two thousand twenty-five in a city with a\npopulation of not less than seven thousand fifty and not more than seven\nthousand sixty, determined in accordance with the two thousand twenty\ncensus, may be exempt from city taxation as provided in this section.\n 2. (a)(i) During the construction period, such real property shall be\nfully exempt from city taxation, up to a period of eighteen months or\nuntil a certificate of occupancy is issued, whichever is sooner, on all\ncity taxation. For the purposes of this section, the term "construction\nperiod" shall mean the period of time beginning on the date which the\nactual construction of improvements to vacant residential real property,\npursuant to subdivision one of this section, lawfully begins in good\nfaith and ending on the date a certificate of occupancy has been issued.\n (ii) (A) Upon the termination of the exemption provided for under\nsubparagraph (i) of this paragraph, such real property shall be exempt\nfor a period of one year to the extent of eighty per centum of the\nassessed value thereof and for an additional period of three years,\nprovided, however, that the extent of such exemption shall decrease by\ntwenty per centum each year during such additional period of three years\nand such exemption shall be computed with respect to the "exemption\nbase". For the purposes of this section, the term "exemption base" shall\nmean the assessed value as determined by the assessor in the initial\nyear of such four-year period following the termination of the exemption\nprovided for under subparagraph (i) of this paragraph.\n (B) The following table shall illustrate the computation of the city\ntax exemption:\n Year of exemption Percentage of exemption\n 1 80\n 2 60\n 3 40\n 4 20\n (C) Exemptions granted pursuant to this section shall apply to real\nproperty taxes imposed for city purposes.\n (b) No such exemption shall be granted unless: (i) such construction\nof improvements was commenced on or after the first day of January, two\nthousand twenty-five or such later date as may be specified by local\nlaw;\n (ii) the residential real property is situate in a city with a\npopulation of not less than seven thousand fifty and not more than seven\nthousand sixty, determined in accordance with the two thousand twenty\ncensus; and\n (iii) such construction is documented by a building permit, if\nrequired, for the improvements, or other appropriate documentation as\nrequired by the assessor.\n 3. Such exemption shall be granted only upon application by the owner\nof such real property on a form prescribed by the commissioner. Such\napplication shall be filed with the assessor of a city with a population\nof not less than seven thousand fifty and not more than seven thousand\nsixty, determined in accordance with the two thousand twenty census, on\nor before the appropriate taxable status date of such city and within\none year from the date of completion of such construction of\nimprovements.\n 4. If the assessor is satisfied that the applicant is entitled to an\nexemption pursuant to this section, they shall approve the application\nand such real property shall thereafter be exempt from taxation and\nspecial ad valorem levies by a city with a population of not less than\nseven thousand fifty and not more than seven thousand sixty, determined\nin accordance with the two thousand twenty census, as provided in this\nsection commencing with the assessment roll prepared after the taxable\nstatus date referred to in subdivision three of
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