[Adopted 1-12-1998 by L.L. No. 1-1998]
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
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:
Shall not include ordinary maintenance and repairs.
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
A.
Residential buildings reconstructed, altered, or improved subsequent
to the effective date of this article shall be exempt from taxation
and special ad valorem levies to the extent provided herein.
B.
No such exemption shall be granted for reconstruction, alterations,
or improvements unless:
(1)
Such reconstruction, alteration or improvement was commenced subsequent
to the effective date of this article; and
(2)
The value of such reconstruction, alteration, or improvement exceeds
$3,000; and
(3)
The greater portion, as so determined by square footage, of the building
reconstructed, altered, or improved is at least five years old.
A.
The building described in § 247-4 shall be exempt for a period of eight years to the extent of the following percentages of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement:
|
Year
|
Exemption Percentage
|
|---|---|
|
1
|
100.0
|
|
2
|
87.5
|
|
3
|
75.0
|
|
4
|
62.5
|
|
5
|
50.0
|
|
6
|
37.5
|
|
7
|
25.0
|
|
8
|
12.5
|
B.
The exemption shall be limited to $80,000 in increased market value
of the property attributable to such reconstruction, alteration or
improvement.
A.
An exemption shall be granted only upon application by the owner
of the building on a form prescribed by the Commissioner of Taxation
and Finance. The application shall be filed with the Assessor of the
Town having the power to assess property for taxation on or before
the appropriate taxable status date of the Town.
[Amended at time of adoption of Code (see Ch. 1, General
Provisions, Art. I)]
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 herein provided, commencing with the assessment roll prepared
on the basis of the taxable status date. The assessed value of an
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 primarily for residential purposes
or title thereto is transferred to other than the heirs or distributees
of the owner, the exemption shall cease.
