As used in this article, the following terms shall have the
meanings indicated:
EXEMPTION BASE
The increase in assessed value as determined in the initial
year of the term of the exemption.
MARKET VALUE OF RECONSTRUCTION, ALTERATION AND IMPROVEMENT
Calculated by dividing the increase in assessed value attributable
to the construction by the latest state equalization rate or special
equalization rate, unless such rate is 95% or more, in which case
the assessed value is to be considered equal to the market value.
RECONSTRUCTION, ALTERATION AND IMPROVEMENT
Shall not mean ordinary maintenance and repairs. Also, stand-alone
structures, such as detached garages or in-ground swimming pools,
do not qualify for this exemption. Reconstruction, alteration and
improvement shall include additions, remodeling or modernization to
an existing residential structure to prevent physical deterioration
or to comply with applicable building, sanitary, health and/or fire
codes.
RESIDENTIAL BUILDINGS
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
The following structures shall be eligible for exemption from
those county taxes resulting from increased assessments due to capital
improvements to property:
A. Residential buildings reconstructed, altered or improved subsequent
to the effective date of this article 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.
B. Following the initial exemption year and for a period of seven years
following, the extent of such exemption shall be decreased by 12 1/2%
of the exemption base each year during such additional period.
C. In any year in which a change in level of assessment of 15% or more
is certified for a final assessment roll pursuant to the rules of
the New York State Office of Real Property Services, the exemption
base shall be multiplied by a fraction, the numerator of which shall
be the total assessed value of the parcel on such final assessment
roll (after accounting for any physical or quantity changes to the
parcel since the immediately preceding assessment roll), and the denominator
of which shall be the total assessed value of the parcel on the immediately
preceding final assessment roll. The result shall be the new exemption
base. The exemption shall thereupon be recomputed to take into account
the new exemption base. The exemption shall thereupon be recomputed
to take into account the new exemption base, notwithstanding the fact
that the assessor receives certification of the change in the level
of assessment after the completion, verification and filing of the
final assessment roll.
D. Such exemption shall be limited to a maximum of $30,000 attributable
to such reconstruction, alteration or improvement. Any increase in
market value greater than such amount shall not be eligible for exemption
pursuant to this section.
In the event that a building granted an exemption pursuant to
this article ceases to be used for exclusively 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 and be of no further force and effect.