The purpose of this article is to establish
real property tax exemptions on certain capital improvements to residential
buildings pursuant to § 421-f of the Real Property Tax Law
of the State of New York.
Pursuant to the provisions of Subdivision 1
of § 421-f of the Real Property Tax Law of the State of
New York, the exemption from the Real Property Tax Law is established
as follows:
A. The per centum of exemption shall be as established
pursuant to § 421-f, Subdivision 2.
B. Eligibility for the exemption shall be limited to
those forms of reconstruction, alterations or improvements as defined
at § 421-f, Subdivision 2(b) and (c). Eligibility for the
exemption shall only apply to residential buildings that, upon completion
of the reconstruction, alterations and improvements, are one- or two-family
residences. Exemption shall not apply to residences that have been
changed from a one-family residence to a two-family residence.
C. The exemption shall also be applicable to those improvements
which would otherwise result in an increase in the assessed valuation
of the real property but which consist of an addition, remodeling
or modernization to an existing residential structure to prevent physical
deterioration of the structure or to comply with applicable building,
sanitary, health and/or fire codes.
D. The minimum exemption amount is $3,000, and such exemption
is limited to $80,000.
[Amended 10-16-2006 by L.L. No. 3-2006]