[Adopted 10-7-1997 by L.L. No. 6-1997]
This article shall be entitled "Residential
Building Tax Exemption."
The purpose of this article is to enact a residential
building tax exemption for capital improvements for owners of residential
buildings in the Village of Lowville, which tax exemption is permitted
by Real Property Tax Law § 421-f.
A.
Residential buildings reconstructed, altered, or improved
subsequent to the effective date of this article shall be exempt from
taxation and special ad valorem levies to the extent provided herein.
B.
Such residential buildings shall be exempt for a period
of one year to the extent of 100% of the increase and assessed value
thereof attributable to such reconstruction, alteration or improvement.
C.
Such residential buildings shall be exempt for an
additional period of seven years subject to the following:
(1)
The extent of such exemption shall be decreased by 12 1/2% of the exemption base each year during such additional period. The exemption base shall be the increase in assessed value as determined in the initial year of the term of the exemption, except as provided in Subsection C(2) of this section.
(2)
In any year in which a change in level of assessment
of 15% or more is certified for a final assessment roll pursuant to
the rules of the State Board, the exemption base shall be multiplied
by a fraction, the numerator of which shall be the total assessed
value of the parcel on such final assessment roll (after accounting
for any physical or quantity changes to the parcel since the immediately
preceding assessment roll) and the denominator of which shall be the
total assessed value of the parcel on the immediately preceding final
assessment roll. The result shall be the new exemption base. The exemption
shall thereupon be recomputed to take into account the new exemption
base, notwithstanding the fact that the Assessor receives certification
of the change in level of assessment after the completion, verification
and filing of the final assessment roll. In the event that the Assessor
does not have custody of the roll when such certification is received,
the Assessor shall certify the recomputed exemption to the local officers
having custody and control of the roll, and such local officers are
hereby directed and authorized to enter the recomputed exemption certified
by the Assessor on the roll. The Assessor shall give written notice
of such recomputed exemption to the property owner, who may, if he
or she believes that the exemption was recomputed incorrectly, apply
for a correction in the manner provided by Title 3 of Article 5 of
the Real Property Tax Law for the correction of clerical errors.
(3)
Such exemption shall be limited to $80,000 in increased
market value, but not less than $5,000 in increased market value,
of the property attributable to such reconstruction, alteration or
improvement, and any increase in market value greater than such maximum
amount shall not be eligible for the exemption. 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 most
recently established state equalization rate, except where the state
equalization rate equals or exceeds 95%, in which case the increase
in assessed value attributable to such reconstruction, alteration
or improvement shall be deemed to equal the market value of such reconstruction,
alteration or improvement.
No such exemption shall be granted for reconstruction,
alterations or improvements unless:
A.
Such reconstruction, alteration or improvement was
commenced subsequent to the effective date of this article;
B.
The value of such reconstruction, alteration or improvement
exceeds $3,000; and
C.
The greater portion, as so determined by square footage,
of the building reconstructed, altered or improved is at least five
years old.
As used in this article, the following terms
shall have the meanings indicated:
Shall not include ordinary maintenance and repairs.
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
The residential building tax exemption shall
be granted only upon application by the owner of such building on
a form prescribed by the State Board. The application shall be filed
with the Assessor of the Town of Lowville on or before the taxable
status date.
If satisfied that the applicant is entitled
to an exemption pursuant to this article, the Assessor 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 on the basis of the taxable status
date. The assessed value of any exemption granted pursuant to this
article shall be entered by the Assessor on the assessment roll with
the taxable property, with the amount of the exemption shown in a
separate column.
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 a person other than the
heirs or distributees of the original owner, the exemption granted
pursuant to this article shall cease, and the Assessor shall note
the termination of the exemption upon the next assessment roll prepared
after transfer of title.
