[Adopted 10-17-2005 by L.L. No. 4-2005[1]]
[1]
Editor's Note: Section 2 of this local law,
as amended 12-5-2005 by L.L. No. 7-2005, stated that "This local law
shall take effect upon final passage and filing with the Secretary
of State and shall apply to assessment rolls prepared on the basis
of taxable status dates occurring on and after January 1, 2007."
The purpose of this article is to afford and
provide an exemption from general municipal taxes for owners of multiple
dwellings that are converted into single-family residences or two-unit
residences in accordance with § 421-i of the Real Property Tax
Law of the State of New York.
A.
OWNER-OCCUPIED MULTIPLE-DWELLING BUILDING
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.
B.
The terms "reconstruction," "alteration" and "improvement"
shall not include ordinary maintenance and repairs.
A.
Multiple-dwelling buildings, reconstructed, altered,
converted back to an owner-occupied single-family dwelling or any
owner-occupied multiple dwelling that is reduced to at most two units
by such reconstruction shall be exempt from taxation and special ad
valorem levies to the extent provided hereinafter.
B.
Such buildings 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 12.5% 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(2) of this section.
(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 the NYS Real Property
Tax Law.
(3)
Such exemption shall be limited to $100,000 in increased
market value, or such other sum less than $100,000, but not less than
$10,000, 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 most recently established state equalization rate for
such city. 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.
C.
No such exemption shall be granted for reconstruction,
alterations or improvements unless:
(1)
Such reconstruction, alteration or converted improvement
was commenced subsequent to the effective date of this article; and
(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.
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
section shall cease.
A.
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.
B.
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 of March 1. 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.
