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.