[Adopted 12-6-1993 by L.L. No. 5-1993]
The Village Board finds that the promotion of
capital improvements to residential real estate will serve to upgrade
community housing stocks, eventually increase the tax base and promote
the general welfare.
It is the purpose of this article to provide
for residential real property owners in the Village of Montour Falls
the benefits of the graduated tax exemption for capital improvements
as specified in the amendment to § 421-f of the Real Property
Tax Law.
Capital improvements to residential buildings
made after the effective date hereof shall be exempted from taxation
and special ad valorem levies under the conditions and to the extent
provided by Chapter 704 of Laws of 1993 (Real Property Tax Law § 421-f),
all of the applicable provisions of which are hereby incorporated
by reference as if fully set forth herein.
A copy of this article shall be filed with the
State Board of Equalization and Assessment contemporaneously with
filing at the New York State Secretary of State.
