[Adopted 8-11-2008 by L.L. No. 9-2008]
This article shall be known and may be cited as the "Partial Exemption Residential Building Law of the Village of Coxsackie, New York."
The Village Board of the Village of Coxsackie, Greene County, New York, has determined that it is necessary and desirable to authorize a partial exemption from real property taxation of the increase in assessed value attributable to reconstruction, alterations or improvements made to residential buildings. This authorization for exemption is set forth in § 421-f of the New York State Real Property Tax Law.
A. 
Eligibility for such an exemption is set forth in § 421-f of the New York State Real Property Tax Law. This exemption is limited to a minimum increase of $5,000 in market value up to a maximum increase of $80,000 in market value. The market value of the new construction is calculated by dividing the increase in assessed value attributable to such reconstruction, alterations or improvements by the latest state equalization rate or special equalization rate, unless such rate is 95% or more, in which case the increased assessed value will be deemed to equal market value.
B. 
Property must be used as a residence for not more than two families.
C. 
The value of such reconstruction, alteration or improvement must exceed $3,000.
D. 
The greater portion of the residence reconstructed, improved or altered (as measured by square footage) must be at least five years old.
E. 
This exemption applies to reconstruction, alterations or improvement; it does not apply to ordinary maintenance or repairs.
The value of an improvement qualifying for exemption shall receive the following exemption percentages:
Year
Exemption Percentage
1
100.0
2
87.5
3
75.0
4
62.5
5
50.0
6
37.5
7
25.0
8
12.5
9
0.0
Reconstruction, alteration or improvement of the property must be begun after the effective date of this article allowing the exemption.
The validity of any word, section, clause, paragraph, sentence, part or provision of this article shall not affect the validity of any other part of this article, which can be given effect without such invalid part of parts.
This article shall take effect immediately upon its filing in the Office of the Secretary of State and shall remain in full force and effect for a period of six years from its effective date.