[Adopted 4-28-2008 by L.L. No. 4-2008]
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 buildings shall be exempt for a period of one year to the extent of 100% of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement, and for an additional period of seven years, subject to the following:
The extent of such exemption shall be decreased by 12 1/2% of the exemption base each year during such additional period. The "exemption base" shall be the increase in assessed value as determined in the initial year of the term of the exemption, except as provided in Subsection A(2) of this section.
In any year in which a change in level of assessment of 15% or more is certified for a final assessment roll pursuant to rules of the state board, the exemption base shall be multiplied by a fraction, the numerator of which shall be the total assessed value of the parcel on such final assessment roll (after accounting for any physical or quantity changes to the parcel since the immediately preceding assessment roll) and the denominator of which shall be the total assessed value of the parcel on the immediately preceding final assessment roll. The result shall be the new exemption base. The exemption shall thereupon be recomputed to take into account the new exemption base, notwithstanding the fact that the Assessor receives certification of the change in level of assessment after the completion, verification and filing of the final assessment roll. In the event the Assessor does not have custody of the roll when such certification is received, the Assessor shall certify the recomputed exemption to the local officers having custody and control of the roll, and such local officers are hereby directed and authorized to enter the recomputed exemption certified by the Assessor on the roll. The Assessor shall give written notice of such recomputed exemption to the property owner, who may, if he or she believes that the exemption was recomputed incorrectly, apply for a correction in the manner provided for the correction of clerical errors.
Such exemption shall be limited to $80,000 in increased market value of the property attributable to such reconstruction, alteration and improvement, and any increase in market value greater than such amount shall not be eligible for the exemption pursuant to this article. For purposes of this article, the 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%, in which case the increase in assessed value attributable to such reconstruction, alteration or improvement shall be deemed to equal the market value of such reconstruction, alteration or improvement.
No such exemption shall be granted for reconstruction, alteration or improvement unless:
For purposes of this section, the term "reconstruction, alteration and improvement" shall not include ordinary maintenance and repairs.
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.
For the purposes of this article, a "residential building" shall mean 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 article 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 granted pursuant to this article shall cease.