No exemption pursuant to this article shall be granted for reconstruction,
alteration, or improvement unless:
A. Such reconstruction, alteration, or improvement was commenced subsequent
to the effective date of this article.
B. The value of such reconstruction, alteration, or improvement exceeds
$3,000.
C. The greater portion, as so determined by square footage, of the building
reconstructed, altered, or improved is at least five years old.
D. The property for which the exemption is sought must be a one- or
two-family residence.
E. The reconstruction, alteration or improvement is not ordinary maintenance
or repairs.
Any exemption pursuant to this article shall be granted only
upon application by the owner thereof on the form prescribed by the
State Board. The application shall be filed with the Assessor of the
Town of Deerpark on or before the taxable status date of March 1 to
be eligible for an exemption to be entered on the assessment roll
prepared on the basis of said taxable status date. Improvements to
residential buildings must be completed to qualify for the exemption
pursuant to this article.