[Adopted 12-6-1993 as L.L. No. 7-1993]
For purposes of this article, the following
definitions shall apply:
The Assessor of the Village of Freeport.
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 article, the terms
"reconstruction," "alteration" and "improvement" shall not include
ordinary maintenance and repairs.
A.
Such building 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 article;
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.
A.
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 October 1, which is the taxable
status date.
[Amended 6-20-1994 by L.L. No. 5-1994]
B.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, he shall approve the application and such buildings 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 A of this section.
C.
The assessed value of any exemption granted pursuant
to this chapter shall be entered by the Assessor on the portion of
the assessment roll provided for property exempt from taxation.
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
distributed use of the owner, the exemption granted pursuant to this
article shall cease.
