A.
As authorized in Real Property Tax Law § 421-f, the purpose of this article is to authorize a partial exemption from taxation for reconstructions, alterations, or improvements in residential buildings within the City of Corning.
[Amended 4-4-2016 by L.L. No. 1-2016]
B. RECONSTRUCTION, ALTERATIONS, OR IMPROVEMENTS RESIDENTIAL BUILDING
Definitions. For the purposes of this article, the following terms shall have the meanings indicated:
[Amended 4-4-2016 by L.L. No. 1-2016]
An increase in square footage of 10% or more of the total square footage of all residential buildings on a lot, or an increase in assessed value of at least $25,000 as a result of reconstruction, alteration or improvement.
Any building or structure designed and occupied exclusively for residential purposes by not more than two families.
C.
Exemption.
(1)
Residential building 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.
(2)
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 Real Property Tax Law § 421-f(2)(a)(ii).
(b)
Such exemption shall be limited to $80,000 in increased market value.
(3)
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 determined by square footage, of the building reconstructed, altered or improved is at least five years old.
(d)
The number of dwelling units within the structure does not increase.
[Added 4-4-2016 by L.L. No. 1-2016]
(4)
For purposes of this article, the terms "reconstruction," "alteration" or "improvement" shall not include ordinary maintenance and repairs.
(5)
The exemption shall not be granted for swimming pools or other accessory detached structures, including garages.
[Amended 4-4-2016 by L.L. No. 1-2016]
D.
Application. Such exemption shall be wanted only upon application by the owner of such building on a form prescribed by the New York State Office of Real Properly Tax Services. The application shall be filed with the City Assessor's office.
E.
Cessation; transfer of title. In the event a building granted an exemption pursuant to this article ceases to be used primarily for residential purposes or title thereto is transferred to other than the heirs or distributees of the owner, the exemption granted pursuant to this article shall cease.
F.
Additional filing. After the filing of this article with the Secretary of State, a copy certified by the City Clerk shall also be filed with the Steuben County Real Property Tax Service Agency and the New York State Office of Real Property Tax Services.
G.
When effective. This article shall take effect upon filing with the Secretary of State.