[Adopted 9-1-2015 by L.L. No. 12-2015]
[Amended 12-21-2022 by L.L. No. 3-2023]
An owner occupied residential property that is the primary residence of the owner reconstructed, altered, or improved due to damage caused by Superstorm Sandy, as defined by Subdivision 5 of Section 2 of Chapter 424 of the New York State Laws of 2013, within the Town of Babylon shall be exempt from taxation by the Town to the extent provided hereinafter.
[Amended 12-21-2022 by L.L. No. 3-2023]
To be eligible for the tax exemption authorized pursuant to § 195-43, such primary residence shall have been owner-occupied by the same owner immediately prior to Superstorm Sandy and immediately after reconstruction with a certificate of occupancy, and have already received assessment relief pursuant to Chapter 424 of the New York State Laws of 2013.
Such primary residence 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 subject to the following:
A. 
The extent of such exemption shall be decreased by 12.5% of the "exemption base" each year during such additional period. The "exemption base" shall be the increase in assessed value as determined in the initial year of the term of the exemption, except as provided in Subsection B.
B. 
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 commissioner of taxation and finance of the State of New York, 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, notwithstanding the fact that the Babylon Town Assessor receives certification of the change in level of assessment after the completion, verification and filing of the final assessment roll. The Babylon Town Assessor of such municipality shall give written notice of such recomputed exemption to the property owner, who may, if he or she believes that the exemption was recomputed incorrectly, apply for a correction in the manner provided by Title 3 of Article 5 of the New York State Real Property Tax Law for the correction of clerical errors.
[Amended 12-21-2022 by L.L. No. 3-2023]
C. 
Such exemption shall be applied to the difference in the pre-storm assessed value and the increased assessed value attributable to all the reconstruction, alterations or improvements due to Superstorm Sandy. For the purposes of this section, the market value of the reconstruction, alteration or improvement shall be equal to the increased assessed value attributable to such reconstruction, alteration or improvement divided by the Class I ratio in a special assessing unit or the most recently established state equalization rate or special equalization rate in the remainder of the state, except where the state equalization rate or special equalization rate equals or exceeds 95%, in which case the increase in assessed value attributable to such reconstruction, alteration or improvement shall be deemed to equal the market value of such reconstruction, alteration or improvement.
[Amended 12-5-2018 by L.L. No. 21-2018; 12-21-2022 by L.L. No. 3-2023]
No such exemption shall be granted for reconstruction, alterations or improvements unless commenced due to damage caused by Superstorm Sandy, and reflected on a certificate of occupancy no later than March 1, 2024. No such exemption be granted for reconstruction, alterations or improvements to aspects of a primary residence not in existence or otherwise not a part of the primary residence prior to October 29, 2012.
[Amended 12-5-2018 by L.L. No. 21-2018; 12-21-2022 by L.L. No. 3-2023]
Application for such exemption shall be filed with the Babylon Assessor by the first of March after the date on which this article shall have become a law, or the first of March of any subsequent year thereafter but no later than March 1, 20204, on a form prescribed by the commissioner of taxation and finance of the State of New York.
[Amended 12-21-2022 by L.L. No. 3-2023]
If satisfied that the applicant is entitled to an exemption pursuant to this article, the Babylon Town Assessor shall approve the application and such primary residence shall be exempt from taxation for up to eight prospective tax years as provided by this article. The assessed value of any exemption granted pursuant to this article shall be entered by the Babylon Town Assessor with the amount of the exemption shown in a separate column.
For the purposes of this article, a "primary residence" shall mean any building or structure designed and occupied exclusively for residential purposes by not more than three families, and occupied by the owner as a primary residence.
In the event that a primary residence granted an exemption pursuant to this article ceases to be used as a primary residence of the owner, or the title thereto is transferred, the exemption granted pursuant to this article shall cease. However, the exemption granted pursuant to this article shall continue for the remaining exemption period for as long as an heir-at-law or distributee of such owner occupies the property as a primary residence.
[Amended 12-5-2018 by L.L. No. 21-2018; 12-21-2022 by L.L. No. 3-2023]
This article shall apply to exemption applications made prior to the first of March next succeeding the date on which this article shall have become a law and no later than March 1, 2024, and any exemption once granted shall continue for a period of up to eight prospective tax years as set forth in this article.