[Adopted 3-8-2004 by L.L. No. 4-2004 (Ch.
281, Art. VII of the 1984 Code)]
This article is adopted pursuant to the authority
provide for in § 421-h of the Real Property Tax Law of the
State of New York effective January 1, 2004, and as it may be amended
from time to time.
Multiple-dwelling buildings, reconstructed,
altered, converted back to an owner-occupied single-family dwelling
or any owner-occupied multiple dwelling located in the City of Peekskill
that is reduced to at most two units by such reconstruction subsequent
to the effective date of this article shall be exempt from taxation
and special ad valorem levies to the extent provided hereinafter.
A.
Such buildings within the City of Peekskill shall
be exempt for a period of one year to the extent of 100% of the increase
in assessed value attributable to such reconstruction, alteration
or improvement and for an additional period of seven years subject
to the following:
(1)
The extent of such exemption shall be decreased by 12 1/2% of the exemption base each year during such additional period. 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 Subsection A(2).
(2)
In any year in which a change in level of assessment
of 15% or more is certified for a final assessment roll pursuant to
the rules of the state board, the exemption base shall be multiplied
by a fraction, the numerator of which shall be the total assessed
value of the parcel on such final assessment roll (after accounting
for any physical or quantity changes to the parcel since the immediately
preceding assessment roll), and the denominator of which shall be
the total assessed value of the parcel on the immediately preceding
final assessment roll. The result shall be the new exemption base.
The exemption shall thereupon be recomputed to take into account the
new exemption base, notwithstanding the fact that the Assessor receives
certification of the change in level of assessment after the completion,
verification and filing of the final assessment roll. In the event
the Assessor does not have custody of the roll when such certification
is received, the Assessor shall certify the recomputed exemption to
the local officers having custody and control of the roll, and such
local officers are hereby directed and authorized to enter the recomputed
exemption certified by the Assessor on the roll. The Assessor shall
give written notice of such recomputed exemption to the property owner,
who may, if he or she believes that the exemption was recomputed incorrectly,
apply for a correction in the manner provided by Title 3 of Article
5 of the Real Property Tax Law for the correction of clerical errors.
(3)
Such exemption shall be limited to $100,000 in increased
market value of the property attributable to such reconstruction,
alteration or improvement, and 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 article, the market value
of the reconstruction, alteration or improvement shall be equal to
the increased assessed value attributable to such reconstruction,
alteration or improvement divided by the most recently established
state equalization rate for the City of Peekskill. Where the state
equalization rate or special equalization rate equals or exceeds 95%,
the increase in assessed value attributable to such reconstruction,
alteration or improvement shall be deemed to equal the market value
of such reconstruction, alteration or improvement.
B.
No such exemption shall he granted for reconstruction,
alterations or improvements unless:
(1)
Such reconstruction, alteration or converted improvement
was commenced subsequent to the effective date of this article;
(2)
The value of such reconstruction, alteration or improvement
exceeds $5,000; and
(3)
The greater portion, as so determined by square footage,
of the building reconstructed, altered or improved is at least five
years old.
C.
For purposes of this section the terms "reconstruction,"
"alteration" and "improvement" shall not include ordinary maintenance
and repairs.
Such exemption shall be granted only upon application
by the owner of such building on a form prescribed by the state board.
The application shall be filed with the Peekskill City Assessor on
or before the appropriate taxable status date of the City of Peekskill.
If satisfied that the applicant is entitled to an exemption pursuant to this article, the Assessor shall approve the application and such building shall thereafter be exempt from taxation and special ad valorem levies as provided in this article commencing with the assessment roll prepared on the basis of the taxable status date referred to in § 521-46 of this article. The assessed value of any exemption granted pursuant to this section shall be entered by the Assessor on the assessment roll with the taxable property, with the amount of the exemption shown in a separate column.
As used in this article, the following terms
shall have the meanings indicated:
Any building or structure designed and occupied as the temporary
or permanent residence or home of two or more families, including
the owner of such building.
In the event that a building granted an exemption
pursuant to this article ceases to be used primarily for residential
purposes or title thereto is transferred to other than the heirs or
distributees of the owner, the exemption granted pursuant to this
section shall cease.
