[Adopted 3-14-1994 by L.L. No. 1-1994 (Ch.
170, Art. III, of the 1983 Code)]
A.
The residential improvements tax exemption authorized
by § 421-f of the Real Property Tax Law is hereby adopted.
B.
Any residential buildings reconstructed, altered or
improved subsequent to the effective date of this article which otherwise
qualify for exemption under § 421-f of the Real Property
Tax Law shall be exempt from taxation to the full extent permitted
by § 421-f of the Real Property Tax Law.
C.
In any year in which the Town/Village reassesses all
property, any exemptions previously granted hereunder shall be adjusted
to account for any change in the assessment on the property; the amount
of assessment eligible for exemption, before application of the exemption
percentage for that year, shall be increased or decreased in the same
proportion as the increase or decrease in the assessment on the property.
