INTRODUCTORY LOCAL LAW FIRST-TIME HOMEBUYERS PROPERTY TAX EXEMPTION
PLEASE TAKE NOTICE that the Town Board of the Town of Ramapo adopted the following local law at a regular meeting held on the 25th day of January, 2023 at the Ramapo Town Hall, 237 Route 59, Suffern, New York:
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.
Dated:January 30, 2023
Suffern, New York
SHARON OSHEROVITZ
Town Clerk
Town of Ramapo
Ramapo Town Hall
237 Route 59
Suffern, New York 10901