[Adopted 11-12-2014 by L.L. No. 3-2014]
Real property in the City of Olean reconstructed, altered or
improved subsequent to the effective date of this local law, for residential
purpose shall be exempt from taxation and special ad valorem levies
by the City of Olean; as provided by Real Property Tax Law Section
421-f and to the extent hereinafter provided.
(a)
Such real property 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 and for an additional
period of seven years; provided, however, that the extent of such
exemption shall be decreased by 12 1/2% for each year during
such additional period of seven years and such exemption shall be
computed with respect to the increase in assessed value as determined
in the initial year of such eight-year period following the filing
of an original application; provided further, that such exemption
shall be limited to $80,000 in increased market value of the property
attributable to such reconstruction, alteration or improvement and
any increase in market value greater than such amount shall not be
eligible for the exemption granted therein. For the purpose of this
section, the market value of the reconstruction, alteration or improvements
shall be equal to the increased assessed value attributable to such
reconstruction, alteration or improvement divided by the most recently
established state equalization rate, except where the state equalization
rate equals or exceeds 95%, in which case the increase in assessed
value attributable to such reconstruction, alteration or improvement
shall equal the market value of such reconstruction alteration or
improvement.
(b)
No such exemption shall be granted unless:
(1)
Such reconstruction, alteration or improvement was commenced
subsequent to the effective date of this section; and
(2)
The value of such reconstruction, alteration or improvement
exceeds $3,000;
(3)
The greater portion, as so determined by square footage, of
the building reconstructed, altered or improved is at least five years
old; and
(4)
Such reconstruction, alteration or improvements requires the
issuance of a building permit; and either a certificate of occupancy
or a certificate of compliance evidencing that the reconstruction,
alteration or improvement is complete.
(c)
For purposes of this section, the terms "reconstruction," "alteration"
and "improvement" shall not include ordinary maintenance and repairs
necessary to preserve the real property's current assessed value.
Such exemption shall be granted only upon application by the
owner of such real property on a form prescribed by the State Board
of Real Property Services, the original of which shall be filed with
the City Assessor. Such original application shall be filed on or
before the taxable status date in the year in which the certificate
of occupancy or certificate of compliance was issued. A copy of said
application shall also be filed with the State Board of Real Property
Services.
If the Assessor is satisfied that the applicant is entitled
to an exemption pursuant to this section, he/she shall approve the
application and such real property shall thereafter be exempt from
taxation and special ad valorem levies as herein provided commencing
with the first assessment roll prepared after the taxable status date
as provided in the City Charter. The assessed value of any exemption
granted pursuant to this section 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.
The provision of this article shall only apply to one- and two-family
dwellings used exclusively for residential purposes.
In the event that real property granted an exemption pursuant
to this article is sold or transferred other than to the heirs or
distributees of the owner, the exemption granted hereunder shall cease.
