[Adopted 11-9-2005 by L.L. No. 2-2005]
This article shall be known as the "Living Quarters for Parent or Grandparent Tax Exemption Law."
Effective as hereinafter provided, an exemption from taxation to the extent of any increase in assessed value of residential property resulting from the construction or reconstruction of such property for the purpose of providing living quarters for a parent or grandparent, as defined in Real Property Tax Law § 469, who is 62 years of age or older, shall be granted in accordance with the provisions of Real Property Tax Law, § 469.
The exemption for this purpose shall not exceed a) the increase in assessed value resulting from construction or reconstruction of such property, b) 20% of the total assessed value of such property as improved, or c) 20% of the median sale price of residential property as reported in the most recent sales statistical summary published by the State Board for the county in which the property is located, whichever is less.
Pursuant to the requirements of Real Property Tax Law § 469, no such exemption for this purpose shall be granted unless:
A. 
The property which is constructed or reconstructed for this purpose is within the Town of Berne; and
B. 
The residential property so constructed or reconstructed for this purpose is the principal residence of the owner.
The exemption granted herein shall be applicable only to construction or reconstruction which occurred subsequent to August 30, 2000, and shall only apply for taxable years during which at least one such parent or grandparent maintains a primary place of residence in such living quarters.
An application for such exemption must be made annually by the owner of such property, on forms prescribed by the State Board, and the owner shall furnish the information and execute the forms in the manner required or prescribed on such forms and the owner shall be required to file the forms in the Assessor's office on or before March 1 of each taxable year. In the event that the Assessor is satisfied that the property is entitled to an exemption authorized by Real Property Tax Law § 469 and by this article, the Assessor shall approve the application and such residential improvements shall be exempt from taxation and special ad valorem levies as provided in § 469.
This article shall take effect immediately and shall apply to assessment rolls prepared on the basis of taxable status dates occurring on and after January 1, 2006.