[Adopted 11-30-1993 by L.L. No. 2-1993]
Residential buildings reconstructed, altered or improved for
residential purposes, after adoption of this Article, shall be exempt
from taxation and special ad valorem levies to the extent provided
hereinafter.
A.Â
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, and for an additional
period of seven years, provided:
(1)Â
That the extent of such exemption shall be decreased by 12Â 1/2%
of the initial exemption each year during such additional period.
(2)Â
That such exemption shall be limited to $80,000 in increased market
value, or such other sum less than $80,000, but not less than $5,000,
of the property attributable to such reconstruction, alteration or
improvement, and any increase in market value greater than such amount
shall not be eligible for the exemption pursuant to this Article.
(3)Â
For the purposes of this Article, that the market value of the reconstruction,
alteration or improvement shall be equal to the increased assessed
value attributable to such reconstruction, alteration or improvement
divided by the Class 1 ration in a special assessing unit, or the
most recently established state equalization rate, or special equalization
rate, in the remainder of the state, except where the state equalization
rate or special equalization rate equals or exceeds 95%, then the
increase in assessed value attributable to such reconstruction, alteration
or improvement.
B.Â
No such exemption shall be granted for reconstruction, alterations
or improvements unless:
(1)Â
Such reconstruction, alteration or improvement was commenced subsequent
to the date of this Article was enacted. However, no reconstruction,
alteration or improvement shall commence without prior issuance of
a building permit by the Town of Oyster Bay, Department of Planning
and Development, for said capital improvements;
(2)Â
The cost for materials and labor for such reconstruction, alteration
or improvement exceeds $3,000; and
(3)Â
The greater portion, as so determined by square footage, of the building
reconstructed, altered or improved is at least five years old.
C.Â
For the purposes of this Article, commencement of reconstruction,
alteration or improvement shall be defined as the posting of a building
permit, issued by the town of Oyster Bay, Department of Planning and
Development, on the subject premises and the initial construction
or alteration made pursuant to said building permit.
D.Â
For the purposes of this Article, the terms "reconstruction," "alteration"
and "improvement" shall not include ordinary maintenance and repairs.
Such exemption shall be granted only upon application by the
owner of such building on a form prescribed by the State Board. The
original of such application shall be filed with the Assessor of Nassau
County, on or before the appropriate taxable status date (May 1, each
year commencing May 1, 1994). A copy thereof shall be filed with the
State Board.
If the Chairman of the Nassau County Board of Assessors, or his duly appointed designee, is satisfied that the applicant is entitled to an exemption pursuant to this Article, he shall approve the application, and such building thereafter be exempt from taxation and special ad valorem levies (i.e., special districts) as herein provided, commencing with the assessment roll prepared after the taxable status date referred to in § 209-13. 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.
For the purposes of this Article, the following terms shall
have the meanings indicated:
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
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 granted pursuant to this Article shall
cease. In the event that the owner offers the exempt property for
sale during the tax abatement period, said owner shall be required
to disclose, prior to closing, the actual assessed value and annual
taxes payable, without this exemption and after the transfer of title.
This Article shall take effect immediately upon filing with
the Secretary of State.
