[Adopted 2-15-1995 by L.L. No. 2-1995]
For purposes of this article, the following definitions shall
apply:
The Assessor for the City of Rensselaer.
The City of Rensselaer Common Council.
Any building or structure designed and occupied exclusively
for residential purpose by not more than two families.
Residential buildings reconstructed, altered or improved for
residential purposes shall be exempt from taxation and special ad
valorem levies to the extent provided hereinafter.
For the purposes of this article, the terms "reconstruction,"
"alteration" and "improvement" shall not include ordinary maintenance
and repairs.
A.
Such buildings shall be exempt for a period of one year to the extent
of 100% of the increase in assessed value thereof attributable to
such reconstruction, alteration or improvement. Thereafter, for an
additional period of seven years, the extent of such exemption shall
be decreased by 12 1/2% of the initial exemption each year during
such additional period.
B.
Such exemption shall be limited to $80,000, in increased market value
of the property attributable to such reconstruction, alteration or
improvement. Any increase in market value greater than $80,000 shall
not be eligible for the exemption.
No exemption shall be granted for reconstruction, alterations
or improvements unless:
A.
Such reconstruction, alteration or improvement was commenced subsequent
to the effective date of this article;
B.
The value of such reconstruction, alteration or improvement exceeds
$3,000; and
C.
The greater portion, as so determined by square footage, of the building
reconstructed, altered or improved is at least five years old.
A.
Such exemption shall be granted only upon application by the owner
of such building on a form prescribed by the Commissioner. The original
of the application shall be filed with the Assessor on or before March
1, which is the taxable status date.
B.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, he shall approve the application and such buildings shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the assessment roll prepared after the taxable status date referred to in Subsection A of this section.
C.
The assessed value of any exemption granted pursuant to this article
shall be entered by the Assessor on the portion of the assessment
roll provided for property exempt from taxation.
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 persons other than the heirs or
distributees of the owner, the exemption granted pursuant to this
article shall cease.
