[Adopted 10-21-1993 by L.L. No. 4-1993 (Ch. 60, Art. III, of the 1964 Code)]
A.
The Board of Trustees of the Village of Westbury hereby
finds that it will encourage and promote the making of capital improvements
to residential buildings and structures designed and occupied exclusively
for residential purposes by not more than two families, located within
the Village, and thereby improve the appearance, utility and value
of such residences, attract new residents and retain existing residents,
preserve property values and the residential character of the Village
and, generally, promote, preserve and protect the health, safety and
general welfare of Village residents by extending to owners of such
residences, who make such capital improvements thereto, a partial
real property tax exemption, as provided by § 421-f of the
Real Property Tax Law of the State of New York, enacted as Chapter
704 of the Laws of 1993.
B.
The intent of this article is to grant such real property
tax exemption to such owners of one-family and two-family residences
in the Village who, hereafter, make capital improvements to such residences,
including reconstruction, alteration or improvement and who apply
and who are qualified to receive the partial tax exemption provided
for by § 421-f of the Real Property Tax Law.
Section 421-f of the Real Property Tax Law of
the State of New York, enacted by Chapter 704 of the Laws of 1993,
is hereby made applicable to and effective within the Village of Westbury.
The partial tax exemption provided by § 421-f
of the Real Property Tax Law, as applicable in the Village of Westbury,
shall be limited to an amount not exceeding the equalized equivalent
of $80,000 in increased market value of each such residence resulting
from such capital improvement. A "capital improvement," as such term
is used herein, shall include additions, alterations, reconstruction
or other improvements to such residential buildings, but not ordinary
maintenance and repairs.
