Pursuant to the provisions of § 421-f
of the Real Property Tax Law, the Town Board, Town of Fallsburg, hereby
adopts as Local Law No. 5 for the year 1997 the provisions of § 421-f
of the Real Property Tax Law, authorizing a partial exemption of real
property taxation for the increase in assessed value attributable
to reconstruction, alterations or improvements made to residential
property.
The value of an improvement qualifying for exemption
shall receive the following exemption percentages:
Year
|
Percentage of Exemption
|
---|
1
|
100%
|
2
|
87.5%
|
3
|
75%
|
4
|
62.5%
|
5
|
50%
|
6
|
37.5%
|
7
|
25%
|
8
|
12.5%
|
Applications for exemptions under this article
shall be filed with the Town Assessor. Applications shall be generally
in the form as specified by the New York State Board of Real Property
Services, the form of which is annexed hereto and marked Exhibit A.