The City Council of the City of Newburgh encourages property
owners of single- and two-family residential dwellings to invest in
improvements to one- and two-family buildings used solely for residential
purposes by providing an exemption from general municipal taxes pursuant
to § 421-K of the Real Property Tax Law of the State of
New York.
As used in this article, the following terms shall have the
following meanings:
Multiple-dwelling buildings that are reconstructed, altered,
improved and/or converted back to an owner-occupied single-family
or any owner-occupied multiple dwelling that is reduced to at most
two units by such reconstruction shall be exempt from taxation levied
by the City of Newburgh on the increase in assessed value attributable
to such conversion to the extent provided hereinafter pursuant to
§ 421-K of the New York State Real Property Tax Law. The
length of said exemption shall be eight years, and it shall be computed
in accordance with the following table:
Year of Exemption
|
Percent of Exemption
|
---|
1
|
100%
|
2
|
87.5%
|
3
|
75%
|
4
|
62.5%
|
5
|
50%
|
6
|
37.5%
|
7
|
25%
|
8
|
12.5%
|
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 distributes
of the owner, the exemption granted pursuant to this article shall
cease.