The purpose of this article is to grant a partial exemption
from taxation for capital improvements to residential buildings within
Tompkins County as authorized by § 421-f of the Real Property
Tax Law. "Residential building" shall mean any building designed and
occupied exclusively for residential purposes by not more than two
families.
The following terms and conditions shall be applied in the implementation
of this article:
A. No such exemption shall be granted for reconstruction, alteration
or improvements unless such reconstruction, alteration or improvement
was commenced after the effective date of this article.
B. No such exemption shall be granted for reconstruction, alteration
or improvements unless the greater portion, as so determined by square
footage, of the building reconstructed, altered or improved is at
least five years old.
C. The cost of the reconstruction, alteration or improvement must exceed
$3,000.
D. For purpose of this section, the terms "reconstruction," "alteration"
and "improvement" shall not include ordinary maintenance and repairs.
E. The exemption provisions of this article shall not apply to swimming
pools, detached garage structures, or any other accessory structures
to the primary residential structure.
F. In the event that a building granted an exemption pursuant to this
article ceases to be used exclusively for residential purposes or
title thereto is transferred to a person or entity other than the
heirs or distributees of the owner, the exemption granted pursuant
to this article shall cease and omitted taxes shall be computed from
the date of transfer.
G. Such exemption shall be granted only upon application by the owner
of such building on a form prescribed by the state board to the Tompkins
County Department of Assessment.
H. Application for the exemption must be filed with the Tompkins County
Department of Assessment within one year of the certificate of occupancy
being issued by the local code enforcement agency.
This article shall become effective immediately upon filing
with the Secretary of State and shall be applicable for all assessment
rolls filed after this date.