[Adopted 4-26-1994 by L.L. No. 2-1994 (Ch. 222, Art. V, of the 1981 Code)]
For the purposes of this article the following definitions shall apply:
ASSESSOR
The Assessor of the Incorporated Village of Babylon or his or her successor.
BOARD
The Board of Trustees of the Incorporated Village of Babylon.
RESIDENTIAL BUILDING
Any building or structure designed and occupied exclusively for residential purposes by not more than two families.
Residential buildings reconstructed, altered or improved for residential purposes shall be exempt from taxation and special ad valorem levies to the extent provided hereinafter.
A. 
Such building shall be exempt for a period of one year to the extent of 100% of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement. Thereafter, for an additional period of seven years, the extent of such exemption shall be decreased by 12 1/2% of the initial exemption each year during such additional period.
B. 
Such exemption shall be limited to $80,000 in increased market value of the property attributable to such reconstruction, alteration or improvement. Any increase in market value greater than $80,000 shall not be eligible for the exemption.
No exemption shall be granted for reconstruction, alterations or improvements unless:
A. 
Such reconstruction, alteration or improvement was commenced subsequent to the effective date of this article.
B. 
The value of such reconstruction, alteration or improvement exceeds $3,000.
C. 
The greater portion, as so determined by square footage, of the building reconstructed, altered or improved is at least five years old.
A. 
Such exemption shall be granted only upon application by the owner of such building on a form prescribed by the Board. The original of the application shall be filed with the Assessor at least 90 days before the date for filing the final assessment roll.
B. 
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, he shall approve the application, and such buildings shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the assessment roll prepared after the taxable status date referred to in Subsection A of this section.
C. 
All provisions of § 421-f of the Real Property Tax Law are hereby adopted as if fully set forth.
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 article shall cease.