Subject to and in accordance with § 469 of the New
York State Real Property Tax Law, an exemption from taxation is hereby
granted to owners of residential property for the increase in value
to the property for the construction or reconstruction of living quarters
for a parent or grandparent who is at least 62 years of age. The term
"parent or grandparent" shall be deemed to include the natural or
adopted grandparents and parents of the owner of the property or the
spouse of the owner. The exemption, which applies to taxes and special
ad valorem taxes, is limited to the lesser of:
A. The increase in the value attributable to the new construction or
reconstruction;
B. Twenty percent of the total assessed value of the property; or
C. Twenty percent of the median sale price of residential property as
reported in the most recent sales statistical summary published by
the State Board for Columbia County.
This exemption applies to assessment rolls based on taxable
status dates occurring on and after January 1, 2001.