[Adopted 10-1-2007 by L.L. No. 12-2007]
A.
The Town Board finds that a number of residential properties in the
Town of Amherst have had their assessments reduced due to damage associated
with soil subsidence, lateral soil pressure and other soil-related
concerns. Owners of some of these distressed properties have expressed
reluctance to repair their homes because they will immediately face
increased assessments based on the value of the rehabilitation to
their property.
B.
The Town Board further finds that Chapter 404 of the Laws of 2007
allows certain qualifying municipalities, upon the adoption of an
appropriate local law, to exempt assessment increases for rehabilitation
undertaken by homeowners whose assessments have been reduced as a
result of damage caused by soil-related conditions. It is the intent
of the Town Board by the adoption of this article to avail itself
and its residents of this opportunity.
A.
Construction of improvements to residential real property initiated
on or after the first day of January 2007 may be exempt from Town
taxation as provided in this section.
B.
Requirements.
(1)
Duration of exemption.
(a)
Such real property shall be exempt for a period of one year
to the extent of 100% of the increase in the assessed value thereof
attributable to such construction and for an additional period of
four years; provided, however, that the extent of such exemption shall
be decreased by 20% each year during such additional period of four
years and such exemption shall be computed with respect to the exemption
base. The exemption base shall be the increase in assessed value due
to improvements as determined by the Assessor in the initial year
of such five-year period following the filing of an original application.
(b)
The following table shall illustrate the computation of the
tax exemption:
|
Year of Exemption
|
Percentage of the Exemption
| |
|---|---|---|
|
2
|
80%
| |
|
3
|
60%
| |
|
4
|
40%
| |
|
5
|
20%
|
(2)
No exemption shall be granted unless:
(a)
The value of the construction exceeds $10,000; and
(b)
The construction is documented by a building permit, if required
for such improvements, or other appropriate documentation as required
by the Assessor; and
(c)
Such construction takes place on a one- or two-family residential
dwelling where the Assessor has previously reduced the assessment
of the dwelling because of a decrease in value attributed by the Assessor
to physical damage to the dwelling resulting from soil subsidence
or other soil-related condition; and
(d)
The extent of such repairs eligible for the exemption shall
be limited to such construction upon a one- or two-family residential
dwelling where the Assessor has previously reduced the assessment
of the dwelling because of a decrease in value attributed by the Assessor
to physical damage to the dwelling resulting from soil subsidence
and other soil-related conditions.
(3)
Such exemption shall be granted upon application by the owner of
such real property upon a form prescribed by the state board. The
application shall be filed with the Assessor of the Town on or before
the taxable status date for that Town and within one year from the
date of completion of the improvements.
(4)
If the Assessor is satisfied that the applicant is entitled to the exemption pursuant to this section, the Assessor shall approve the application and the real property shall thereafter be exempt from taxation and special ad valorem taxes by the Town as provided by this section commencing with the assessment role prepared after the taxable status date referred to in Subsection B(3) of this section. The assessed value of any exemption granted pursuant to this section shall be entered by the Assessor on the assessment role with the taxable property, with the amount of the exemption shown in a separate column.
(5)
During the term of the exemption granted pursuant to this section,
if title to the real property granted an exemption pursuant to this
section is transferred or if the property ceases to be used for eligible
purposes, the exemption granted pursuant to this section shall cease.
