[Adopted 9-4-2003 by L.L. No. 5-2003[1]]
[1]
Editor’s Note: This local law stated
that it would apply to assessment rolls prepared on the basis of taxable
status dates occurring on and after 1-1-2004.
The purpose of this article is to afford and
provide an exemption from general municipal taxes for owners of residential
buildings that are reconstructed, altered or improved in accordance
with § 421-f of the Real Property Tax Law of the State of
New York (RPTL).
Residential buildings that are reconstructed,
altered or improved, pursuant to § 421-f of the NYS Real
Property Tax Law shall be exempt from taxation and special ad valorem
levies levied. Such buildings shall be exempt for a period of one
year to the extent of one hundred per centum of the increase in assessed
value thereof attributable to such reconstruction, alteration or improvement
and for an additional period of seven years subject to the following:
A.
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 B of this section.
B.
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 this chapter for the correction of clerical errors.[1]
[1]
See Real Property Tax Law, Chapter 50-a, Article
5, Title 3.
C.
Such exemption shall be limited to $80,000 in increased
market value, but not less than $5,000, 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 section. For the purposes of this section,
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 Class I ratio
in a special assessing unit or the most recently established state
equalization rate or special equalization rate in the remainder of
the state, except where the state equalization rate or special equalization
rate equals or exceeds 95%, in which case 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.
A.
No such exemption shall be granted for reconstruction,
alterations or improvements unless:
B.
For purposes of this section the terms “reconstruction,“ “alteration”
and “improvement” shall not include ordinary maintenance
and repairs.
C.
No such exemption shall be granted concurrent with
or subsequent to any other real property tax exemption granted to
the same improvements to real property, except where, during the period
of such previous exemption, payments in lieu of taxes or other payments
were made in an amount that would have been equal to or greater than
the amount of real property taxes that would have been paid on such
improvements had such property been granted an exemption pursuant
to this article. In such case, an exemption shall be granted for a
number of years equal to the twelve-year exemption granted pursuant
to this article less the number of years the property would have been
previously exempt from real property taxes.
D.
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.
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 of the City of Albany
on or before the taxable status date of March 1. Any exemption pursuant
to this article shall be granted only upon application by the owner
thereof on the form prescribed by the State Board. The application
shall be filed with the Assessor of the City of Albany on or before
the taxable status date of March 1 to be eligible for an exemption
to be entered on the assessment roll prepared on the basis of said
taxable status date.
For the purpose of this section, “residential
building” shall mean any building or structure designed and
occupied exclusively for residential purposes by not more than two
families.
