(ii) In any year in which a change in level of assessment of fifteen percent or more is certified for a final assessment roll pursuant to the rules of the commissioner, the exemption base shall be multiplied by a fraction, the numerator of which shall be the total assessed value of the parcel on such final assessment roll (after accounting for any physical or quantity changes to the parcel since the immediately preceding assessment roll), and the denominator of which shall be the total assessed value of the parcel on the immediately preceding final assessment roll. The result shall be the new exemption base. The exemption shall thereupon be recomputed to take into account the new exemption base, notwithstanding the fact that the assessor receives the certification of the change in level of assessment after the completion, verification and filing of the final assessment roll. In the event the assessor does not have custody of the roll when such certification is received, the assessor shall certify the recomputed exemption to the local officers having custody and control of the roll, and such local officers are hereby directed and authorized to enter the recomputed exemption certified by the assessor on the roll. The assessor shall give written notice of such recomputed exemption to the property owner, who may, if he or she believes that the exemption was recomputed incorrectly, apply for a correction in the manner provided by title three of article five of this chapter for the correction of clerical errors.
(iii) The following table shall illustrate the computation of the school district tax exemption: Year of exemption Percentage of exemption 1 50 2 45 3 40 4 35 5 30 6 25 7 20 8 15 9 10 10 5
(b) No such exemption shall be granted unless:
(i) such construction was commenced on or after the first day of January, two thousand five or such later date as may be specified by resolution;
(ii) the residential real property is situate in a school district which serves a city with a population of not less than sixty thousand six hundred and not more than sixty-one thousand;
(iii) the cost of such construction exceeds the sum of sixty thousand dollars or such greater amount as may be specified; and
(iv) such construction is completed as may be evidenced by a certificate of occupancy or other appropriate documentation as provided by the owner.
(c) For purposes of this section the term construction shall not include ordinary maintenance and repairs. 3. Such exemption shall be granted only upon application by the owner of such real property on a form prescribed by the commissioner. Such application shall be filed with the assessor of a school district which serves a city with a population of not less than sixty thousand six hundred and not more than sixty-one thousand on or before the appropriate taxable status date of such school district and within one year from the date of completion of such construction. 4. If the assessor is satisfied that the applicant is entitled to an exemption pursuant to this section, he or she shall approve the application and such real property shall thereafter be exempt from taxation by a school district which serves a city with a population of not less than sixty thousand six hundred and not more than sixty-one thousand as provided in this section commencing with the assessment roll prepared after the taxable status date referred to in subdivision three of this section. The assessed value of any exemption granted pursuant to this section shall be entered by the assessor on the assessment roll with the taxable property, with the amount of the exemption shown in a separate column. 5. The provisions of this section shall apply to real property used as the primary residence of the owner. 6. In the event that real property granted an exemption pursuant to this section ceases to be used primarily for eligible purposes, the exemption granted pursuant to this section shall cease. 7. A school district which serves a city with a population of not less than sixty thousand six hundred and not more than sixty-one thousand may, by resolution, reduce the per centum of exemption otherwise allowed pursuant to this section; provided, however, that a project in course of construction and exemptions existing prior in time to passage of any such resolution shall not be subject to any such reduction so effected. Such school district upon reduction of the per centum of exemption pursuant to this subdivision may thereafter, by resolution, increase the per centum of exemption up to any per centum not exceeding the maximum allowed by subdivision two of this section, whichever is applicable, provided, however, that any such resolution shall apply only to construction commenced subsequent to the effective date of such resolution. A copy of all such resolutions shall be filed with the commissioner and the assessor of the school district. 8. A school district which serves a city with a population of not less than sixty thousand six hundred and not more than sixty-one thousand may, by resolution, establish a date for the commencement of effectiveness of exemption offered pursuant to this section and may provide that the provisions of this section shall apply only to construction having a greater value than that specified by subdivision two of this section, provided, however, that such amount shall not exceed three hundred twenty-five thousand dollars. 9. (a) A school district which serves a city with a population of not less than sixty thousand six hundred and not more than sixty-one thousand may, by resolution, establish a board to be known as the residential incentive board. The membership and composition of such board shall be set forth in the resolution.
(b) The residential incentive board shall present a plan to the board of education of a school district which serves a city with a population of not less than sixty thousand six hundred and not more than sixty-one thousand concerning the various types of residential real property which should be granted eligibility for an exemption pursuant to subdivision one of this section. Such plan shall make a recommendation as to whether the exemption be computed as provided in subdivision two of this section. In addition, such plan shall identify specific geographic areas within which such exemptions should be offered. In developing the plan required by this paragraph, the board shall consider the planning objectives of a school district which serves a city with a population of not less than sixty thousand six hundred and not more than sixty-one thousand, the necessity of the exemption to the attraction or retention of home owners and the economic benefit to the area of providing exemptions to home owners.
(c) In addition, the board may make recommendations to the school board of a school district which serves a city with a population of not less than sixty thousand six hundred and not more than sixty-one thousand with respect to actions it deems desirable to improve the economic climate therein. 10. If a school district which serves a city with a population of not less than sixty thousand six hundred and not more than sixty-one thousand establishes a residential incentive board, pursuant to subdivision nine of this section, such school district may, by resolution, restrict real property eligible to receive the exemption to real property constructed for those purposes identified in the plan presented by the board. Such resolution shall restrict the availability of such exemption to the specific geographic areas identified in the plan presented by the board.