Be it enacted by the Town Board of the Town of Portville as follows:
I. Authorization for Exemption
This local law, using Section 457 of the Real Property Tax Law, authorizes a partial exemption
from real property taxation for “newly constructed homes” purchased by “first-time homebuyers”
on or after the effective date of this law.
II. Colloquial Name of Law
The colloquial name of this local law, which is a Town of Portville adoption and implementation of
Section 457 of the Real Property Tax Law, shall be “The First-Time Homebuyer Exemption Law.”
III. Eligibility for Exemption
There are three elements which must be met to be eligible for this exemption: 1) qualifying as a
first-time homebuyer; 2) having a qualifying property; and 3) meeting the income and purchase
price criteria of SONYMA.
Qualifying As A First-Time Homebuyer
The definition of a “first-time homebuyer” is any person and his/her spouse who: a) have not
owned a primary residential property during the previous three years; and b) do not own a
vacation or investment home regardless of location inside or outside of the United States of
America.
Having A Qualifying Property
A qualifying property in the recorded name(s) of the property owner(s) must: a) be a “newly
constructed home” that is a one- or two-family residence, townhouse or condominium, which was
constructed after November 28, 2001, is to be owner-occupied, and was not previously occupied
to which the entirety of its purchase price shall be eligible for exemption up to the limits provided
by this law; or b) be a $3,000 or greater cost renovation or remodeling of an existing home for
which a building permit was issued within 90 days of the recorded purchase date of property by
property owner(s) and a certificate of occupancy was subsequently issued to which the eligible
exemption shall be determined and applied in accordance with the provisions of Real Property Tax
Law Section 457.
Meeting The Income And Purchase Price Criteria Of SONYMA
Wherein “income” shall be defined as the “adjusted gross income on the most recent Federal
income tax return(s) provided to the assessor” of the property owner(s) and their resident spouse
(s), the total combined incomes of all owners and their resident spouses, of the property to which
this exemption shall apply, shall not exceed the “State of New York Mortgage Agency (SONYMA)
Low Interest Rate Mortgage Program non-target, one and two person household category for
Cattaraugus County”.
The purchase price of the property including any renovation or remodeling costs, of the property
to which this exemption shall apply, shall not exceed by more than 25% of the limit set by the
“State of New York Mortgage Agency (SONYMA) Low Interest Rate Mortgage Program one family,
new, non-target, or one family, existing, non-target for Cattaraugus County”.
IV. SCOPE AND DURATION OF EXEMPTION
The exemption, if authorized, lasts for a maximum term of five years, beginning at fifty percent in
the first year and declining to ten percent in the fifth and final year. This exemption applies to taxes
and special ad valorem levies. This exemption does not apply to special assessments. This
exemption applies only to homes purchased or contracted for before December 31, 2010.
V. FILING APPLICATION
Application for exemption (RP-457) must be filed with the town assessor.
VI. TIME OF FILING APPLICATION
The application for exemption (RP-457) must be filed in the assessor’s office on or before March
1st. Once the exemption has been granted, it is not necessary to reapply for the exemption after
the initial year in order for the exemption to continue. There is no need to reapply in subsequent
years, but, if the property ceases to be used primarily for residential purposes, or if the property is
a single-family residence and any portion is leased, or if title to the property is transferred to
persons other than the heirs or distributees of the owner, the exemption is terminated.
VII. Effective Date
This Local Law shall take effect immediately upon this filing thereof in the Office of the Secretary
of State of the State of New York.
I. Authorization for Exemption
This local law, using Section 457 of the Real Property Tax Law, authorizes a partial exemption
from real property taxation for “newly constructed homes” purchased by “first-time homebuyers”
on or after the effective date of this law.
II. Colloquial Name of Law
The colloquial name of this local law, which is a Town of Portville adoption and implementation of
Section 457 of the Real Property Tax Law, shall be “The First-Time Homebuyer Exemption Law.”
III. Eligibility for Exemption
There are three elements which must be met to be eligible for this exemption: 1) qualifying as a
first-time homebuyer; 2) having a qualifying property; and 3) meeting the income and purchase
price criteria of SONYMA.
Qualifying As A First-Time Homebuyer
The definition of a “first-time homebuyer” is any person and his/her spouse who: a) have not
owned a primary residential property during the previous three years; and b) do not own a
vacation or investment home regardless of location inside or outside of the United States of
America.
Having A Qualifying Property
A qualifying property in the recorded name(s) of the property owner(s) must: a) be a “newly
constructed home” that is a one- or two-family residence, townhouse or condominium, which was
constructed after November 28, 2001, is to be owner-occupied, and was not previously occupied
to which the entirety of its purchase price shall be eligible for exemption up to the limits provided
by this law; or b) be a $3,000 or greater cost renovation or remodeling of an existing home for
which a building permit was issued within 90 days of the recorded purchase date of property by
property owner(s) and a certificate of occupancy was subsequently issued to which the eligible
exemption shall be determined and applied in accordance with the provisions of Real Property Tax
Law Section 457.
Meeting The Income And Purchase Price Criteria Of SONYMA
Wherein “income” shall be defined as the “adjusted gross income on the most recent Federal
income tax return(s) provided to the assessor” of the property owner(s) and their resident spouse
(s), the total combined incomes of all owners and their resident spouses, of the property to which
this exemption shall apply, shall not exceed the “State of New York Mortgage Agency (SONYMA)
Low Interest Rate Mortgage Program non-target, one and two person household category for
Cattaraugus County”.
The purchase price of the property including any renovation or remodeling costs, of the property
to which this exemption shall apply, shall not exceed by more than 25% of the limit set by the
“State of New York Mortgage Agency (SONYMA) Low Interest Rate Mortgage Program one family,
new, non-target, or one family, existing, non-target for Cattaraugus County”.
IV. SCOPE AND DURATION OF EXEMPTION
The exemption, if authorized, lasts for a maximum term of five years, beginning at fifty percent in
the first year and declining to ten percent in the fifth and final year. This exemption applies to taxes
and special ad valorem levies. This exemption does not apply to special assessments. This
exemption applies only to homes purchased or contracted for before December 31, 2010.
V. FILING APPLICATION
Application for exemption (RP-457) must be filed with the town assessor.
VI. TIME OF FILING APPLICATION
The application for exemption (RP-457) must be filed in the assessor’s office on or before March
1st. Once the exemption has been granted, it is not necessary to reapply for the exemption after
the initial year in order for the exemption to continue. There is no need to reapply in subsequent
years, but, if the property ceases to be used primarily for residential purposes, or if the property is
a single-family residence and any portion is leased, or if title to the property is transferred to
persons other than the heirs or distributees of the owner, the exemption is terminated.
VII. Effective Date
This Local Law shall take effect immediately upon this filing thereof in the Office of the Secretary
of State of the State of New York.
welcome to:
PORTVILLE, NEW YORK
PORTVILLE, NEW YORK
A local law referred to as "The First-Time Homebuyer
Exemption Law", using Section 457 of the Real Property
Tax Law, that authorizes a partial exemption from real
property taxation for new home purchase or initial
improvements by a qualifying first-time homebuyer on or
after adoption into law.
Exemption Law", using Section 457 of the Real Property
Tax Law, that authorizes a partial exemption from real
property taxation for new home purchase or initial
improvements by a qualifying first-time homebuyer on or
after adoption into law.
Local Law 5 2008:
Passed by Town Board
05/21/2008, pending
receipt by DOS
05/21/2008, pending
receipt by DOS
Town Municipal Building
1102 Portville-Olean Rd
PO Box 630
Portville, NY 14770
(716) 933-6658 Office
(716) 933-7877 Fax
contact-us@portville-ny.org
1102 Portville-Olean Rd
PO Box 630
Portville, NY 14770
(716) 933-6658 Office
(716) 933-7877 Fax
contact-us@portville-ny.org
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