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.
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.