Town of Ramapo, New York
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INTRODUCTORY LOCAL LAW FIRST-TIME HOMEBUYERS PROPERTY TAX EXEMPTION

TOWN OF RAMAPO

INTRODUCTORY LOCAL LAW

FIRST-TIME HOMEBUYERS PROPERTY TAX EXEMPTION

 

 

BE IT ENACTED by the Town Board of the Town of Ramapo, County of Rockland, State of New York, as follows:

Section 1.        Chapter 253, titled “Taxation,” of the Code of the Town of Ramapo is amended by adding a new Article designated as Article XVII and titled “First-Time Homebuyers Property Tax Exemption,” to read as follows:

§253-56. Legislative intent. State Real Property Tax Law §457 authorizes a municipality to adopt a local law to provide a partial real property tax exemption for eligible first-time homebuyers. The intent of this local law is to allow such property tax exemption upon application made by a qualifying first-time homebuyer in accordance with Real Property Tax Law §457.

§253-57. Exemption Authorized. If an applicant qualifies for this property tax exemption, such exemption is hereby authorized in accordance with Real Property Tax Law §457 and this local law, shall be limited to five (5) years and shall be computed in accordance with the following table:

                                                            Percentage Assessed
Year of Exemption                              Valuation Exempt From Tax

1                                                                    50

2                                                                    40

3                                                                    30

4                                                                    20

5                                                                    10

6 or more                                                         0

 

§253-58. Increase in purchase price limits. The purchase price limits provided in Real Property Tax Law §457 shall be increased by twenty-five percent (25%).

  • 253-59. Application requires certificate of occupancy. An application for this property tax exemption must include the certificate of occupancy for the construction for which the exemption is sought.

Section 2.        This local law shall take effect immediately upon filing with the Secretary of State.

 

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