[Adopted 3-10-2003 by L.L. No. 1-2003]
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 Town/Village 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.
[Amended 4-9-2012 by L.L. No. 2-2012; at time of adoption
of Code (see Ch. 1, General Provisions, Art. I)]
The tax rebate shall be calculated as follows:
A.
An amount
equal to the lesser of the property owner's actual Town/Village tax
bill or $1,000 for a period of 10 years following completion of the
deconversion of the subject property to a single-family dwelling;
or
B.
Payment
of a lump sum of $10,000 to the property owner upon completion of
the deconversion of the subject property to a single-family dwelling.
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 with or termination of any of the
criteria established herein.
