This exemption covers only the period from taxable status date of
March 1 of one taxable year through March 1 of the next taxable year
and will only apply to building permits issued in that said period
and for work that is actually completed on or before March 1 of that
next taxable year.
Value of the improvement must exceed $3,000, but the maximum value
of the improvement for which the exemption would apply cannot exceed
$80,000, although the total value of the improvement itself may exceed
$80,000.
The exemption is for eight years. The first year the exemption will
be 100% of the increase in assessment due to the improvement, and
thereafter, reduced by 12.5% per year for the remaining term of the
exemption.
To obtain the exemption, application must be made with the Town of
Union Assessment Office on or before March 1 to be eligible for the
following assessment roll on the prescribed New York State exemption
forms.