[Adopted 5-23-2002 by L.L. No. 2-2002]
This article is adopted pursuant to § 421-f
of the Real Property Tax Law of New York State and Local Law No. 7
for 2001 of the County of Orange, New York, for the purpose of exempting
capital improvements to residential buildings from taxation and special
ad valorem levies as hereinafter provided and shall be applied in
accordance with that statute, as amended from time to time.
As used in this article, the following terms
shall have the meanings indicated:
Shall not include ordinary maintenance and repairs.
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
A.
Residential buildings reconstructed, altered, or improved
subsequent to the effective date of this article shall be exempt from
taxation and special ad valorem levies to the extent provided herein.
B.
No such exemption shall be granted for reconstruction,
alterations, or improvements unless:
(1)
Such reconstruction, alteration or improvement was
commenced subsequent to the effective date of this article; and
(2)
The value of such reconstruction, alteration or improvement
exceeds $3,000; 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.
Nothing herein shall require any Assessor to find
that any alteration, installation or improvement has necessarily increased
or improved the assessed value of any property.
A.
The buildings described in § 216-14 shall be exempt for a period of eight years to the extent of the following percentages of the increase in the exemption base, as defined in Real Property Tax Law § 421-f, as the increase in assessed value thereof attributable to such reconstruction, alteration or improvement modified as required by Subdivision 2(a)(ii).
|
Year
|
Exemption Percentage
| |
|---|---|---|
|
1
|
100%
| |
|
2
|
87.5%
| |
|
3
|
75.0%
| |
|
4
|
62.5%
| |
|
5
|
50.0%
| |
|
6
|
37.5%
| |
|
7
|
25.0%
| |
|
8
|
12.5%
|
B.
The exemption shall be limited to $80,000 in increased
market value of the property attributable to such reconstruction,
alteration, or improvement, but not less than $5,000.
A.
An exemption shall be granted only upon application
by the owner of the building on a form prescribed by the State Board
of Real Property Services. The application shall be filed with the
Assessor of the local municipality within one year of the issuing
of a certificate of occupancy, having the power to assess property
for taxation on or before the appropriate taxable status date of such
local municipality.
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 herein provided commencing with the
assessment roll with the taxable property, with the amount of the
exemption shown in a separate column.
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 shall cease.
A.
This article shall become effective upon filing in
the office of the Secretary of State, as provided and in the manner
described in the Municipal Home Rule Law.
B.
Following its adoption, a copy of this article shall
be sent to and filed with the New York State Board of Real Property
Services, with the Director of the Real Property Tax Service Agency
of Orange County, and with all the Assessors of the Town of Wallkill.
This article shall automatically expire and the exemption authorized hereunder shall no longer be available to new applicants after two years from the date of its adoption. This article shall automatically expire and be of no further effect and the exemption granted hereunder shall cease immediately upon the adoption of a local law by the Town of Wallkill Town Board pursuant to any amendment of Real Property Tax Law § 421-f including a Special Law enacted by the State Legislature pursuant to Home Rule Request under the Municipal Home Rule Law. However, all exemptions granted hereunder which shall have become effective prior to the automatic expiration thereof by any event defined in this section shall continue beyond such expiration according to the terms of §§ 216-12 through 216-17.
