[HISTORY: Adopted by the Common Council of the City of North Tonawanda 8-8-2013 by L.L. No. 1-2013. Amendments noted where applicable.]
Real property tax law — See Ch. 73.
The owner of any property assessed as a multifamily dwelling shall be eligible for a deconversion tax rebate as set forth hereunder, for a period not to exceed 10 years, upon the following conditions:
The property shall be converted to a single-family dwelling after inspection and certification by the Building Inspector and City Assessor;
The deconversion and corresponding zoning change shall benefit successors and/or assigns. Owner herein agrees to execute any further assurances, including but not limited to deed restrictions, in order to effectuate said change; and
If the property should be transferred or sold at any time within the ten-year period, any remaining years of deconversion tax rebate shall transfer to the new owner.
The tax rebate shall be calculated as follows: an amount equal to the property owner's actual City tax bill for each year of 10 or $1,000, whichever is the lesser amount.
The foregoing tax rebate shall be effective upon issuance of a certificate of occupancy verifying that the property has been converted to a single-family residence and shall be subject to revocation upon noncompliance or termination of any of the criteria established herein.