[Adopted 5-1-1995 by L.L. No. 4-1995]
A. 
Real property, owned and occupied by one or more persons, one of whom is 60 years of age or over, shall be exempt from taxation as set forth hereunder in Subsection B, for a period not to exceed five years, upon the following conditions:
(1) 
The property is improved by a single-family "senior housing" residence which, prior to construction thereof, has been approved by the Village Board in accordance with the following criteria:
(a) 
The housing shall be developed under a homeowners' association.
(b) 
The age of one or more owners must be 60 years or over.
(c) 
"Senior housing" shall consist of new construction only.
(2) 
The residence is first owned and occupied by one or more persons, at least one of which is 60 years of age or over, there having been no prior occupants of said residence but, in any event, none of the occupants shall be less than 20 years of age. Said exemption shall continue only so long as the residence is continuously occupied by one or more persons who is 60 years of age or over, not to exceed five years, and shall terminate at such time as the residence is occupied by any person under the age of 20 years.
(3) 
Prior to commencement of construction of the residence, the requirements for "senior housing" shall be made binding on the premises, either through deed restrictions, homeowners' association requirements or other means approved by the Village Board.
(4) 
If the property should be transferred or sold at any time within the five-year period, any remaining tax exemption shall be removed from the Village's assessment records.
B. 
Tax exemption shall be calculated as follows:
Year
Percentage
First
100%
Second
80%
Third
60%
Fourth
40%
Fifth
20%
The within tax exemption shall be effective upon issuance of a certificate of occupancy in connection with approved construction of a senior housing residence and shall be subject to revocation upon noncompliance or termination of any of the criteria established herein.