[Adopted 2-3-1994 by L.L. No. 1-1994]
The purpose of this article is to grant a partial exemption for capital improvements made to residential property for residential buildings reconstructed, altered or improved subsequent to the date of adoption of the local law enacting this article in accordance with § 421-f of the Real Property Tax Law of the State of New York.
Residential buildings reconstructed, altered or improved for residential purposes subsequent to the date of adoption of the local law enacting this article shall be exempt from taxation and special ad valorem levies to the extent provided hereinafter, subject to the following conditions:
A. 
Such buildings shall be exempt for a period of eight years to the extent of the following percentages of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement for the corresponding year:
Year
Exemption Percentage
1
100.0
2
87.5
3
75.0
4
62.5
5
50.0
6
37.5
7
25.0
8
12.5
B. 
No such exemption shall be granted for reconstruction, alterations or improvements unless:
(1) 
Such reconstruction, alteration or improvement was commenced subsequent to the date the local law enacting this article was adopted;
(2) 
The actual value of such reconstruction, alteration or improvement exceeds $3,000; and
(3) 
The greater portion, as so determined by square footage, of the building reconstructed, altered or improved is at least five years old.
C. 
For the purposes of this article, the term "reconstruction, alteration and improvement" shall not include ordinary maintenance and repairs.
D. 
The exemption provided for by this article shall be granted only upon the application by the owner of such building on a form prescribed by the New York State Board of Real Property Services. The original of such application shall be filed with the Board of Assessors of the Town of Forestburgh on or before the appropriate taxable status date. A copy thereof shall also be filed with the New York State Board of Real Property Services.
E. 
If the Board of Assessors is satisfied that the applicant is entitled to an exemption pursuant to this article, it shall approve the application, and such building shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the assessment roll prepared after the taxable status date referred to in Subsection D above. The assessed value of any exemption granted pursuant to this article shall be entered by the Board of Assessors on the portion of the assessment roll provided for property exempt from taxation.
F. 
For the purposes of this article, a "residential building" shall mean any building or structure designed and occupied exclusively for residential purposes by not more than two families.
G. 
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 to whom the exemption was originally granted, the exemption granted pursuant to this article shall cease.
This article shall become effective immediately upon the filing in the office of the Secretary of State of the State of New York of the local law enacting this article.