[Adopted 1-7-2002 by L.L.
No. 1-2002]
The purpose of this article is to establish real property tax exemptions
on certain capital improvements to residential buildings pursuant to § 421-f
of the Real Property Tax Law of the State of New York.
Pursuant to the provisions of Subdivision 1 of § 421-f of
the Real Property Tax Law of the State of New York, the exemption from the
Real Property Tax Law is established as follows:
A.
The per centum of exemption shall be as established pursuant
to § 421-f, Subdivision 2.
B.
Eligibility for the exemption shall be limited to those
forms of reconstruction, alterations or improvements as defined at § 421-f,
Subdivision 2(b) and (c). Eligibility for the exemption shall only apply to
residential buildings that, upon completion of the reconstruction, alterations
and improvements, are one- or two-family residences. Exemption shall not apply
to residences that have been changed from a one-family residence to a two-family
residence.
C.
The exemption shall also be applicable to those improvements
which would otherwise result in an increase in the assessed valuation of the
real property but which consist of an addition, remodeling or modernization
to an existing residential structure to prevent physical deterioration of
the structure or to comply with applicable building, sanitary, health and/or
fire codes.
D.
The minimum exemption amount is $3,000, and such exemption
is limited to $80,000.
[Amended 10-16-2006 by L.L. No. 3-2006]
