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.
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:
RESIDENTIAL BUILDING
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.