[Adopted 2-14-1994 by L.L. No. 3-1994 (Ch.
55, Art. X, of the 1968 Code)]
Pursuant to the authority granted the Incorporated
Village of Patchogue under § 421-f of the Real Property
Tax Law of the State of New York, there shall be an exemption for
the reconstruction, alteration or improvements of residential buildings
as follows.
A.
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; 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; provided,
further, that such exemption shall be limited to $80,000 in increased
market value of the property attributable to such reconstruction,
alteration or improvement, and any increase in market value greater
than such amount shall not be eligible for the exemption pursuant
to this article. For the purpose 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 1 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.
B.
No such exemption shall be granted for reconstruction,
alterations or improvements unless:
(1)
Such reconstruction, alteration or improvement was
commenced subsequent to the date the local law is enacted; and
(2)
The value of such reconstruction, alteration or improvement
exceeds $3,000; and
(3)
The greater portion, as so determined by square footage,
of the building reconstructed, altered or improved is at least five
years old.
C.
For the purpose of this article, the terms "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 original of such application shall be filed with the Village Assessor
of the Village of Patchogue on or before the appropriate taxable status
date. A copy thereof shall be filed with the State Board.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, he 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 referred to in § 387-16 of this article. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the portion of the assessment roll provided for property exempt from taxation.
For the purposes of this article, the following
terms shall have the meaning indicated:
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.
