[1]
Editor's Note: This local law also extended the amendments
contained therein to all future years unless revoked or modified.
The purpose of this exemption is to encourage property owners
to make improvements, and thus to keep neighborhoods viable and attractive.
A.
Only one-family and two-family residences quality.
B.
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.
C.
Exemption terminates immediately if the property is sold/transferred
other than to an immediate family member.
D.
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.
E.
Ordinary maintenance and repairs do not qualify.
F.
The greater portion of the property (that part prior to the project)
must be at least five years old.
G.
The exemption does not apply to special district charges.
H.
Each taxing authority (Town, county, school, village) decides independently
whether or not to grant the exemption for such taxing authorities
taxes.
I.
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.
J.
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.
