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.