Chapter 258 of the Laws of 2008 added Section 495 to the Real Property Tax Law requiring counties, cities, towns, villages and school districts to attach to their tentative/preliminary budgets an exemption report. The measure became effective October 5, 2008 and applies to budgets for fiscal years commencing on and after that date.
The new exemption report is required to show how much of the total assessed value on the final assessment roll used in that budgetary process is exempt from taxation.
For detailed reporting requirements and other information, please view the related memo available from ORPS' homepage (http://www.orps.state.ny.us/). You will find the link by scrolling down to:
Exemption Reporting for Taxing Jurisdictions