As used in this article, the following terms shall have the
meanings indicated:
RESIDENTIAL BUILDING
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
The buildings described in §
220-74 shall be exempt for a period of eight years to the extent of the following percentages of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement:
Year
|
Exemption Percentage
|
---|
1
|
100.0%
|
2
|
87.5%
|
3
|
75.0%
|
4
|
62.5%
|
5
|
50.0%
|
6
|
37.5%
|
7
|
25.0%
|
8
|
12.5%
|
In the event that 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 shall cease.