[Adopted 6-5-2007 by L.L. No. 2-2007]
This article shall be known as the "Real Property
Tax Exemption for Capital Improvements to Residential Property Law"
for the Town of Catskill, New York.
The Town Board of the Town of Catskill, Greene
County, New York, has determined that it is necessary and desirable
to authorize a partial exemption from real property taxation of the
increase in assessed value attributable to reconstruction, alterations,
or improvements made to residential buildings. This authorization
for exemption is set forth in § 421-f of the New York State
Real Property Tax Law.
A.
Eligibility for such an exemption is set forth in
§ 421-f of the New York State Real Property Tax Law. This
exemption is limited to a minimum increase of $5,000 in market value
up to a maximum increase of $80,000 in market value. The market value
of the new construction is calculated by dividing the increase in
assessed value attributable to the new construction by the latest
state equalization rate or special equalization rate, unless such
rate is 95% or more, in which case the increased assessed value will
be deemed to equal market value.
B.
Property must be used as a residence for not more
than two families. In the event that a building granted such exemption
ceases use as a residence, or title is transferred to other than heirs
or distributees of the owner, the granted exemption shall cease.
C.
The value of such reconstruction, alteration, or improvement
must exceed $3,000.
D.
The greater portion of the residence, as measured
by square footage, after the capital improvement must be at least
five years old.
E.
This exemption applies to reconstruction, alterations,
or improvement; it does not apply to ordinary maintenance or repairs.
F.
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 Assessor on or before the
March 1 taxable status date.
G.
The value of an improvement qualifying for exemption
shall receive the following exemption percentages:
|
Year
|
Exemption
| |
|---|---|---|
|
1
|
100%
| |
|
2
|
87.5%
| |
|
3
|
75%
| |
|
4
|
62.5%
| |
|
5
|
50%
| |
|
6
|
37.5%
| |
|
7
|
25%
| |
|
8
|
12.5%
| |
|
9
|
0%
|
Reconstruction, alteration, or improvement of
the property must have begun after the effective date of this article.
All ordinances, local laws or provisions of
the Code of the Town of Catskill and any and all parts thereof which
may be in conflict with the provisions of this article, are hereby
suspended to the extent necessary to give this article full force
and effect during its effective period. This article is intended to
invoke the supersession provisions of § 10(1)(ii)(d)(3)
of the Municipal Home Rule Law and to supersede, during the effective
period of this article, any inconsistent provisions of the Town Law,
including Article 16 thereof and §§ 276(5), 274-a(8),
267-a(4) through (9), 274-b(6) and 278 thereof.
