[Adopted 7-18-2000 by L.L. No. 6-2000; amended in its entirety 7-18-2017 by L.L. No. 4-2017]
This article shall hereafter be known and may be cited as the
"Home Improvement Tax Exemption Law of the Town of Irondequoit."
The purpose of this article is to provide a partial exemption
from taxation imposed by the Town of Irondequoit upon real property
situated in the Town of Irondequoit where there would be an increase
in the assessed value attributable to reconstruction, alterations
or improvements made to residential property, pursuant to the authority
vested in the Town by § 421-f of the Real Property Tax Law
of the State of New York (RPTL), as amended or changed.
Real Property Tax Law § 421-f, as amended or changed,
through the effective date of this article, together with any further
acts of the Legislature amendatory thereof or supplemental thereto,
shall apply to and govern the determination of the exemption of taxation
permitted by this article to the extent specified in this article
as if such § 421-f had been more particularly set forth
herein and as the same may be determined from time to time by Town
Board resolution.
A.
To be eligible for the exemption authorized by RPTL § 421-f
and implemented by this article, the following criteria must be met:
(1)
The property for which exemption is sought must be a one- or two-family
residence.
(2)
The greater portion of the residence (as measured by square footage)
after the capital improvement must be at least five years old.
(3)
Construction of the capital improvement must be commenced after the
date this article is enacted.
(4)
The initial exemption percentage will be received only after the
certificate of occupancy is obtained.
(5)
Unless limited by this article, the exemption applies to reconstruction,
alterations or improvements; it does not apply to ordinary maintenance
or repairs, only to any additional value attributable to new construction.
(6)
The value of such reconstruction, alteration or improvement must
exceed the sum of $3,000 and is limited to $80,000 in increased market
value.
B.
The value of an improvement qualifying for exemption should receive
the following exemption percentages for a total of a five-year period:
|
Year
|
Exemption Percentage
|
|---|---|
|
1
|
100%
|
|
2
|
87.5%
|
|
3
|
75%
|
|
4
|
62.5%
|
|
5
|
50%
|
Although the exemption normally ends after five years, it will
end sooner if the property is sold within the exemption period. If
the property is sold, the exemption is not transferable to the new
buyer. The exemption will end the day the house is sold, and the new
owner will be required to pay the taxes which would have been exempted
through the end of the Town's tax year (December 31).
