This article is adopted pursuant to § 421-f of the
Real Property Tax Law for the purpose of exempting capital improvements
to residential buildings from taxation and special ad valorem levies
and shall be applied in accordance with that statute, as amended from
time to time.
As used in 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 to this article
ceases to be used primarily for residential purposes or title therein
is transferred to other than the heirs or distributees of the owner,
the exemption shall cease.