[Adopted 6-2-1998 by L.L. No. 3-1998[1]]
[1]
Editor's Note: This local law was vetoed by
the Mayor 7-2-1998; said veto was overridden by the Common Council
7-7-1998.
Real property in the City of North Tonawanda
reconstructed, altered or improved subsequent to the effective date
of this local law for residential purpose shall be exempt from taxation
and special ad valorem levies by the City of North Tonawanda, School
District of North Tonawanda and County of Niagara, as provided by
Real Property Tax Law § 421-f and to the extent hereinafter
provided.
A.
Such real property shall be exempt for a period of
one year to the extent of 100% of the increase in assessed value thereof
attributable to such reconstruction, alteration or improvement and
for an additional period of seven years; provided, however, that the
extent of such exemption shall be decreased by 12 1/2% for each
year during such additional period of seven years and such exemption
shall be computed with respect to the increase in assessed value as
determined in the initial year of such eight-year period following
the filing of an original application; provided, further, that such
exemption shall be limited to $25,000 in increased market value of
the property attributable to such reconstruction, alteration or improvement,
and any increase in market value greater than such amount shall not
be eligible for the exemption granted herein. For the purposes of
this section, the market value of the reconstruction, alteration or
improvement shall be equal to the increased value attributable to
such reconstruction, alteration or improvement divided by the most
recently established state equalization rate, except where the state
equalization rate equals or exceeds 95%, in which case the increase
in assessed value attributable to such reconstruction, alteration
or improvement shall equal the market value of such reconstruction,
alteration or improvement.
B.
No such exemption shall be granted unless:
(1)
Such reconstruction, alteration or improvement was
commenced subsequent to the effective date of this local law;
(2)
The value of such reconstruction, alteration or improvement
exceeds $3,000;
(3)
The greater portion, as so determined by square footage,
of the building reconstructed, altered or improved is at least five
years old; and
(4)
Such reconstruction, alteration or improvement requires
the issuance of a building permit and is completed as may be evidenced
by a certificate of occupancy or other appropriate documentation provided
by the owner.
C.
For purposes of this section, the terms "reconstruction,"
"alteration" and "improvement" shall not include ordinary maintenance
and repairs.
Such exemption shall be granted only upon application
by the owner of such real property on a form prescribed by the State
Board of Equalization and Assessment, the original of which shall
be filed with the City Assessor. Such original application shall be
filed on or before the taxable status date and within one year from
the date of completion of such reconstruction, alteration or improvement.
A copy of said application shall also be filed with the State Board
of Equalization and Assessment.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this local law, he shall approve the application, and such real property shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the first assessment roll prepared after the taxable status date referred to in § 73-17. The assessed value of any exemption granted pursuant to this local law 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.
The provisions of this local law shall only
apply to one- and two-family dwellings used exclusively for residential
purposes.
In the event that real property granted an exemption
pursuant to this local law is sold or transferred other than to the
heirs or distributees of the owner, the exemption granted hereunder
shall cease.
Except as provided by Real Property Tax Law
§ 421-f, if the School District of North Tonawanda and/or
the County of Niagara shall adopt a resolution denying the exemption
granted by this local law, such real property shall not be exempt
pursuant to this local law from taxes levied by the School District
or the county adopting such resolution.
This Local Law shall take effect as provided
in the Municipal Home Rule Law.
