[Adopted 8-8-2017 by L.L.
No. 3-2017]
This article authorizes a partial exemption from real property
taxation of the increase in assessed value attributable to reconstruction,
alterations or improvements made to residential property, as follows:
A.
The property
for which exemption is sought must be a one-, two- or three-family
residence;
B.
The greater
portion of the residence (as measured by square footage) after the
capital improvement must be at least five years old;
C.
The capital
improvement must be commenced after the date this article is enacted;
D.
Unless
limited by local law, the exemption applies to reconstruction, alterations
or improvements; it does not apply to ordinary maintenance or repairs;
E.
The value
of such reconstruction, alteration or improvement must exceed the
sum of $10,000; and
F.
A qualified
reconstruction, alteration or improvement shall have increased the
assessed value of the real property by at least $10,000, with a maximum
permitted exemption not to exceed $150,000.
This article shall take effect immediately upon filing with
the Secretary of State in accordance with § 27 of the Municipal
Home Rule Law.
