[Adopted 10-20-2025 by L.L. No. 11-2025]
The City Council of the City of Beacon hereby adopts the partial real property tax exemption provided under the provisions of § 421-f of the New York State Real Property Law and as set forth herein.
This exemption shall only apply to capital improvements made after the effective date of this article and only to residential new construction involving the creation of attached and detached accessory apartments. For the purposes of this article, "accessory apartment" shall have the same definition as is provided in § 223-63 of this Code.
A. 
Term of exemption. A parcel containing an accessory apartment subject to the partial exemption hereunder shall be exempt for a period of eight years as set forth herein. The eight-year exemption shall commence as of the first taxable status date following the issuance of a certificate of occupancy for the accessory apartment.
B. 
Amount of exemption. The newly constructed accessory apartment shall be exempt to the extent of 100% of the increase in the assessed value attributable to the creation of the accessory apartment in the first year. In the second through eighth year, the extent of such exemption shall be decreased by 12.5% of the "exemption base" each year during such years.
C. 
Exemption base. The "exemption base" shall be the increase in assessed value as determined in the initial year of the term of the exemption, except as provided in Real Property Tax Law § 421-f(2)(a)(ii).
D. 
Limitation of exemption. The partial exemption granted hereunder shall be limited to no more than $80,000 of the increase in market value attributable to such reconstruction, alteration or improvement resulting in the creation of the accessory apartment. Any increase in market value greater than such amount shall not be eligible for the exemption pursuant to this article. For the purposes of this section, market value shall be determined as set forth in Real Property Tax Law § 421-f(2)(a)(iii).
Under this article, property owners shall only be eligible for the partial real property tax exemption if the following criteria are met:
A. 
The accessory apartment subject to the partial exemption hereunder was constructed in conformance with Chapter 223 of this Code, including, but not limited to § 223-24.1, and Chapter 119 of this Code;
B. 
Such reconstruction, alteration, improvement, or new construction subject to the partial real property tax exemption results in the creation of an accessory apartment on the same parcel as the detached single-family residence is located;
C. 
The property owner(s) received a building permit from the City of Beacon Building Department for the creation of an accessory apartment and has received a certificate of occupancy from the City of Beacon Building Department;
D. 
The reconstruction, alteration or improvement which created the accessory apartment was commenced subsequent to the effective date of the article;
E. 
The greater portion, as so determined by square footage, of the building reconstructed, altered or improved is at least five years old; and
F. 
The value of such reconstruction, alteration or improvement exceeds $3,000 and is not considered ordinary maintenance and repairs.