[HISTORY: Comes from L.L. No. 62-1993, adopted 9-28-1993, effective 10-4-1993.]
GENERAL REFERENCES
Partial tax exemption of real property for certain persons with limited income — See Ch. 10.
Tax exemption for improvements to accommodate disabled — See Ch. 12.
For purposes of this chapter, the following definitions shall apply:
ASSESSOR
The Chairman of the Nassau County Board of Assessors.
BOARD
The Nassau County Board of Assessors.
RESIDENTIAL BUILDING
Any building or structure designed and occupied exclusively for residential purposes by not more than two families.
Residential buildings reconstructed, altered or improved for residential purposes shall be exempt from taxation and special ad valorem levies to the extent provided hereinafter.
For the purposes of this chapter, the terms "reconstruction," "alteration" and "improvement" shall not include ordinary maintenance and repairs.
A. 
Such buildings 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. Thereafter, for an additional period of seven years, the extent of such exemption shall be decreased by 12 1/2% of the initial exemption each year during such additional period.
B. 
Such exemption shall be limited to $80,000 in increased market value of the property attributable to such reconstruction, alteration or improvement. Any increase in market value greater than $80,000 shall not be eligible for the exemption.
No exemption shall be granted for reconstruction, alterations or improvements unless:
A. 
Such reconstruction, alteration or improvement was commenced subsequent to the effective date of this chapter;
B. 
The value of such reconstruction, alteration or improvement exceeds $3,000; and
C. 
The greater portion, as so determined by square footage, of the building reconstructed, altered or improved is at least five years old.
[Amended 3-22-1994 by L.L. No. 28-1994, effective 3-28-1994]
Such exemption shall be granted only upon application by the owner of such building on a form prescribed by the State Board of Equalization and Assessment. The original of the application shall be filed with the Assessor on or before May 1, which is the taxable status date.
[Amended 3-22-1994 by L.L. No. 28-1994, effective 3-28-1994]
In the event that a building granted an exemption pursuant to this chapter ceases to be used primarily for residential purposes or title thereto is transferred to other than the heirs or distributees of the owner, the exemption granted pursuant to this chapter shall cease.