[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.