[Adopted 4-26-2005 by L.L. No. 3-2005]
Residential buildings, which for the purposes
of this article shall mean any building or structure designed and
occupied exclusively for residential purposes by not more than two
families, that are reconstructed, altered, or improved shall be exempt
from taxation levied by the City of Cohoes on the increase in assessed
value attributable to such reconstruction, alteration, or improvement
to the extent provided hereinafter, pursuant to § 421-f
of the New York State Real Property Tax Law. The length of said exemption
shall be eight years. Such exemption shall be computed in accordance
with the following table:
|
Year of Exemption
|
Percentage of Exemption Base Exempt from
Tax
|
|---|---|
|
1
|
100%
|
|
2
|
87.5%
|
|
3
|
75%
|
|
4
|
62.5%
|
|
5
|
50%
|
|
6
|
37.5%
|
|
7
|
25%
|
|
8
|
12.5%
|
A.
The exemption base shall be the increase in assessed value as determined in the initial year of the term of the exemption, except as provided in Subsection B of this section.
B.
In any year in which a change in level of assessment
of 15% or more is certified for a final assessment roll pursuant to
the rules of the state board (ORPS), the exemption base shall be multiplied
by a fraction, the numerator of which shall be the total assessed
value of the parcel on such final assessment roll (after accounting
for any physical or quantity changes to the parcel since the immediately
preceding assessment roll), and the denominator of which shall be
the total assessed value of the parcel on the immediately preceding
final assessment roll. The result shall be the new exemption base.
The exemption shall thereupon be recomputed to take into account the
new exemption base, notwithstanding the fact that the Assessor receives
certification of the change in level of assessment after the completion,
verification, and filing of the final assessment roll. In the event
that the Assessor does not have custody of the roll when such certification
is received, the Assessor shall certify the recomputed exemption in
a manner authorized by the New York State Real Property Tax Law.
C.
The exemption shall be limited to a maximum of $80,000
in increased market value of the property attributable to such reconstruction,
alteration, or improvement, and any increase in market value shall
not be eligible for an exemption pursuant to this article. The market
value of such reconstruction, alteration, or improvement shall be
equal to the increased assessed value attributable to such reconstruction,
alteration, or improvement divided by the most recently established
state equalization rate or special equalization rate, unless such
rate is 95% or more, in which case the increase in assessed value
attributable to such reconstruction, alteration, or improvement is
to be considered equal to the market value.
No exemption pursuant to this article shall
be granted for reconstruction, alteration, or improvement unless:
A.
Such reconstruction, alteration, or improvement was
commenced subsequent to the effective date of this article.
B.
The value of such reconstruction, alteration, or improvement
exceeds $3,000.
C.
The greater portion, as so determined by square footage,
of the building reconstructed, altered, or improved is at least five
years old.
D.
The reconstruction, alteration, or improvement is
not ordinary maintenance or repairs.
A.
In the event that a building granted an exemption
pursuant to this article 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
article shall cease.
B.
Upon determining that an exemption granted pursuant
to this article should be discontinued, the Assessor shall mail a
notice so stating to the owner or owners thereof at the time and in
the manner provided by § 510 of the NYS Real Property Tax
Law. Such owner or owners shall be entitled to seek administrative
and judicial review of such action in the manner provided by law,
provided that the burden shall be on such owner or owners to establish
eligibility for the exemption.
Any exemption pursuant to this article shall
be granted only upon application by the owner thereof on the form
prescribed by the state board. The application shall be filed with
the assessor of the City of Cohoes on or before the taxable status
date of March 1, to be eligible for an exemption to be entered on
the assessment roll prepared on the basis of said taxable status date.
Improvements to residential buildings must be completed to qualify
for the exemption pursuant to this article.
