Town of Coxsackie, NY Article VI Exemption for Improvements to Real Property

[Adopted 8-14-2007 by L.L. No. 4-2007]

§ 183-17 Short title.

This article shall be known and may be cited as the "Partial Exemption Residential Building Law of the Town of Coxsackie, New York."

§ 183-18 Legislative intent.

The Town Board of the Town 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.

§ 183-19 Regulatory controls.

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.

F. The value of an improvement qualifying for exemption shall receive the following exemption percentages:

	Year	Exemption Percentage
	1	100%
	2	87.5%
	3	75%
	4	62.5%
	5	50%
	6	37.5%
	7	25%
	8	12.5%
	9	0%

§ 183-20 Required construction start date or other time requirement.

Reconstruction, alteration, or improvement of the property must be begun after the effective date of the local law or resolution allowing the exemption.

§ 183-21 Interim suspension of other laws.

All ordinances, local laws or provisions of the Code of the Town of Coxsackie and any and all parts thereof which may be in conflict with the provisions of this article are hereby suspended to the extent necessary to give this article full force and effect during its effective period. This article is intended to invoke the supersession provisions of § 10, Subdivision 1(ii)d(3), of the Municipal Home Rule Law and to supersede, during the effective period of this article, any inconsistent provisions of the Town Law, including Article 16 thereof and § 276, Subdivision 5, § 274-a, Subdivision 8, § 267-a, Subdivisions 4, 5, 6, 7, 8 and 9, § 274-b, Subdivision 6, and § 278 thereof.