[Adopted 2-14-1994 by L.L. No. 2-1994]
Residential buildings in the Village of Sylvan Beach, County of Oneida and State of New York, reconstructed, altered or improved from and after the date of the enactment of this Article for residential purposes shall be exempt from taxation and special ad valorem levies to the extent provided hereinafter.
A. 
"Residential building" shall be defined as any building or structure designed and occupied exclusively for residential purposes by not more than two families.
B. 
Any reconstruction, alteration or improvement covered by this Article must have been commenced after the date of the enactment of this Article.
C. 
The value of such reconstruction, alteration or improvement must exceed the sum of $3,000 but not more than $80,000 per project.
D. 
The greater portion as so determined by square footage of the building reconstructed, altered or improved is at least five years old.
E. 
The terms reconstruction, alteration and improvement shall not include ordinary maintenance and repair.
Such buildings shall be exempt from taxation for capital improvements for a period of one year after completion to the extent of 100% of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement and for an additional seven years thereafter; provided, however, that the extent of such exemption shall be decreased by 12 1/2% of the initial exemption each year during such additional period. The exemption shall be limited to a maximum of $80,000 in increased market value. Market value of the reconstruction, alteration or improvement shall be equal to the increased assessed value attributable to such reconstruction, alteration or improvement divided by the Class I ratio in a special assessing unit or the most recently established state equalization rate or special equalization rate in the remainder of the state, except where the state equalization rate or special equalization rate equals or exceeds 95%, then the increase in assessed value attributable to such reconstruction, alteration or improvement shall equal the market value of such reconstruction, alteration or improvement.
Application for such exemption shall be made by the owner of such building on a form prescribed by the State Board and filed with the Town Assessor of the Town of Vienna on or before the town's taxable status date. If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this Article, he or she shall approve the application, and such building shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the assessment roll prepared after the taxable status date as referred to above. The assessment value of any exemption granted pursuant to this section shall be entered by the Assessor on the portion of the assessment roll provided for property exempt from taxation.
In the event that a building granted an exemption pursuant to this Article ceases to be used primarily for residential purposes or title thereto is transferred to other than heirs or distributees of the owner, the exemption granted pursuant to this Article shall cease.