[Adopted 5-9-2011 by L.L. No. 1-2013]
As used in this article, the following terms shall have the
meanings indicated:
The increase in assessed value as determined in the initial
year of the term of the exemption.
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.
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.
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.
A.
No such exemption shall be granted for reconstruction, alteration
or improvements unless:
(1)
Such reconstruction, alteration or improvement was commenced subsequent
to the effective date of this article;
(2)
The market value of such reconstruction, alteration or improvement
exceeds $3,000; and
(3)
The greater portion, as determined by square footage, of the building
reconstructed, altered or improvement is at least five years old.
B.
Failure to meet all of the above conditions shall result in the denial
of the application for exemption.
A.
An exemption under the provisions of this article shall be granted
only upon the timely filing of an application by the owner of such
residential building on a form prescribed by the New York State Office
of Real Property Services. Such application shall be filed with the
assessor of the municipality in which the applicant's property is
situated on or before the relevant taxable status date.
B.
If satisfied that the applicant is entitled to an exemption pursuant
to this article, the assessor shall approve the application and such
building shall thereafter be exempt from taxation and special ad valorem
levies as provided in this article commencing with the assessment
roll prepared on the basis of the taxable status date.
C.
The assessed value of any exemption granted pursuant to this article
shall be entered by the assessor on the assessment roll with the taxable
property, with the amount of the exemption shown in a separate column.
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.
