No such exemption shall be granted unless:
A. The property is within the geographical area in which
such construction or reconstruction is permitted; and
B. The residential property so constructed or reconstructed
is the principal place of residence of the owner.
Such exemption shall be applicable only to construction
or reconstruction which occurred subsequent to the effective date
of § 469 of the Real Property Tax Law (August 30, 2000),
and shall only apply during taxable years during which at least one
such parent or grandparent maintains a primary place of residence
in such living quarters.
Such exemption from taxation shall be granted
upon an application made annually, upon a form to be promulgated by
the state board, by the owner of such property to the Assessor on
or before the appropriate taxable status date. If the Assessor is
satisfied that the property is entitled to an exemption pursuant to
this section, he shall approve the application, and such residential
improvements shall be exempt from taxation and special ad valorem
levies as provided in this article.
For the purposes of this article, the term "parent
or grandparent" shall be deemed to include the natural or adopted
grandparents and parents of the owner or the spouse of the owner.
Any conviction of having made any willful false
statement in the application for such exemption shall result in the
revocation thereof, be punishable by a civil penalty of not more than
$100 and shall disqualify the applicant or applicants from further
exemption for a period of five years.