Residential buildings reconstructed, altered
or improved subsequent to the effective date of this article shall
be exempt from taxation and special ad valorem levies to the extent
provided herein.
Such exemption shall be granted only upon application
by the owner of such building on a form prescribed by the state board.
The application shall be filed with the Assessor of the Town of Wheatfield
on or before the appropriate taxable status date of such city, town,
village or county.
If satisfied that the applicant is entitled to an exemption pursuant to this article, the Assessor shall approve the application and ad valorem levies as herein provided commencing with the assessment roll prepared on the basis of the taxable status date referred to in §
173-12 of this article. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the assessment roll with the taxable property, with the amount of the exemption shown in a separate column.