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
as hereinafter provided 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:
RECONSTRUCTION, ALTERATION AND IMPROVEMENT
Shall not include ordinary maintenance and repairs, but shall
include an addition, remodeling, or modernization to an existing residential
structure to prevent physical deterioration of the structure or to
comply with applicable building, sanitary, health and/or fire codes.
RESIDENTIAL BUILDING
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
Such reconstruction, alteration or improvement must be completed
before it qualifies for the residential improvements exemption. "Completed"
means that a certificate of occupancy has been issued for that portion
of the building for which an application for exemption is filed.
This article shall become effective upon filing in the office
of the Secretary of State, as provided and in the manner described
in the Municipal Home Rule Law. Following its adoption, a copy of
this article shall be sent to and filed with the Office of Real Property
Tax Services, a Division of the Department of Taxation and Finance,
with the Director of the Real Property Tax Services of Oswego County,
and with the Assessor of the City of Oswego.