This local law is adopted pursuant to § 421-f
of the Real Property Tax Law for the purpose of exempting capital
improvements to residential buildings from taxation and special ad
valorem levies and shall be applied in accordance with that statute,
as amended from time to time.
As used in this local law, the following terms
shall have the meanings indicated:
RESIDENTIAL BUILDING
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
In the event that a building granted an exemption
pursuant to this local law ceases to be used primarily for residential
purposes or title thereto is transferred to other than the heirs or
distributees of the owner, the exemption shall cease.
This local law shall become effective upon filing
in the office of the Secretary of State.