[Adopted 10-6-2009 by L.L. No. 6-2009]
Residential real property constructed on or after the first
day of July, 2006, in the City of Amsterdam may be exempt from city
taxation and special ad valorem levies as provided in this article.
A.
Such real property shall be exempt for a period of one year to the extent of 50% of the increase in assessed value thereof attributable to such construction and for an additional period of nine years; provided, however, that the extent of such exemption shall be decreased by 5% each year during such additional period of nine years, and such exemption shall be computed with respect to the exemption base. The exemption base shall be the increase in assessed value as determined in the initial year of such ten-year period following the filing of an original application, 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 the 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 for the correction of clerical errors.
C.
The following table shall illustrate the computation of the City
tax exemption:
Year of Exemption
|
Percentage of Exemption
| |
---|---|---|
1
|
50%
| |
2
|
45%
| |
3
|
40%
| |
4
|
35%
| |
5
|
30%
| |
6
|
25%
| |
7
|
20%
| |
8
|
15%
| |
9
|
10%
| |
10
|
5%
|
D.
No such exemption shall be granted unless:
(1)
Such construction was commenced on or after the first day of April,
2006;
(2)
The residential real property is situate in the City of Amsterdam;
(3)
The cost of such construction exceeds the sum of $70,000; and
(4)
Such construction is completed as may be evidenced by a certificate
of occupancy or other appropriate documentation as provided by the
owner.
E.
For purposes of this section, the term "construction" shall not include
ordinary maintenance and repairs.
Such exemption shall be granted only upon application by the
owner of such real property on a form prescribed by the state board.
Such application shall be filed with the Assessor of the City of Amsterdam
on or before the appropriate taxable status date of such City and
within one year from the date of completion of such construction.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, he or she shall approve the application, and such real property shall thereafter be exempt from taxation and special ad valorem levies by the City of Amsterdam as provided in this article, commencing with the assessment roll prepared after the taxable status date referred to in § 214-88 of this article. The assessed value of any exemption wanted pursuant to this article shall be entered by the Assessor on the assessment roll with the taxable property, with the amount of the exemption shown in a separate column.
The provisions of this article shall apply to real property
used as the primary residence of the owner.
In the event that real property granted an exemption pursuant
to this article ceases to be used primarily for eligible purposes,
the exemption granted pursuant to this article shall cease.
Information relating to the availability of this exemption,
including requirements and application procedures, shall be attached
to all building permit applications, and copies of such information
shall be posted in a conspicuous location in any office or offices
where such permits and applications for permits are issued and processed.
Any exemption granted pursuant to § 485-j of the Real
Property Tax Law that was granted prior to the enactment of this article
is hereby approved nunc pro tunc.