Such buildings shall be exempt for a period of one year to the
extent of 100% of the increase in assessed value thereof attributable
to such reconstruction, alteration or improvement and for an additional
period of seven years, subject to the following:
A. 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
B of this section.
B. 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 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 of the State of New York for the correction
of clerical errors.
C. Such exemption shall be limited to $80,000 in increased market value,
or such other sum less than $80,000, but not less than $5,000, of
the property attributable to such reconstruction, alteration or improvement,
and any increase in market value greater than such amount shall not
be eligible for the exemption pursuant to this article. For the purposes
of this section, 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 Class
I ratio in a special assessing unit or the most recently established
state equalization rate or special equalization rate in the remainder
of the state, except where the state equalization rate or special
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; and
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.
For purposes of this article, the terms "reconstruction, alteration
and improvement" shall not include ordinary maintenance and repairs
or the construction of or improvements to swimming pools.
This article shall not reduce or repeal an exemption granted
pursuant to this article until the expiration of the period for which
such exemption was granted.
This article shall take effect immediately and shall apply to
assessment rolls based on taxable status dates occurring on or after
such date.