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.
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:
RESIDENTIAL BUILDING
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.