[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.]
GENERAL REFERENCES
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:
A.
The property shall be converted to a single-family dwelling after
inspection and certification by the Building Inspector and City Assessor;
B.
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
C.
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.
