[Adopted 11-1-2000 by L.L. No. 5-2000]
Pursuant to the authority granted by § 421-f of the Real Property Tax Law, residential buildings reconstructed, altered or improved in the Town of Henrietta, subsequent to the effective date of this article, shall be partially exempt from taxation by the Town of Henrietta, as hereinafter provided, for any increased value thereof attributable to such reconstruction, alteration or improvement in accordance with the eligibility requirements and exemption schedule as set forth in §§ 250-20 and 250-21 of this article.
Eligibility for the partial exemption authorized
by § 421-f of the Real Property Tax Law and by this article
shall meet the following criteria:
A.
Property for which exemption is sought must be a one-
or two-family residence and must be located in an R-1 or R-2 Residential
District.
B.
The greater portion of the residence (as measured
by square footage) after the capital improvement has been made must
be at least five years old.
C.
The capital improvement must be commenced after the
date this article is enacted.
D.
The initial exemption percentage will be received
only after any permit or certification of occupancy, where required,
is obtained.
E.
Unless limited by this article, the exemption applies
only to reconstruction, alteration or improvements which result in
an increase in the assessed value to the subject property.
F.
The increase in assessed value of such reconstruction,
alteration or improvement, as determined by the Assessor of the Town
of Henrietta, must exceed the sum of $3,000 and is limited to the
sum of $50,000 in increased assessed valuation.
The increased value of any reconstruction, alteration
or improvement qualifying for an exemption pursuant to § 421-f
of the Real Property Tax Law and this article shall receive the following
exemption percentages for a total of a five-year period:
|
Year
|
Exemption Percentage
|
|---|---|
|
1
|
100%
|
|
2
|
80%
|
|
3
|
60%
|
|
4
|
40%
|
|
5
|
20%
|
The exemption period shall not exceed five years.
The exemption is not transferable and shall terminate upon transfer
of the property to a new owner. The exemption shall terminate on the
date the deed is recorded transferring the property to the new owner.
The new owner shall be required to pay the taxes which would have
been exempted on a pro rata basis from the date of closing to the
end of the Town's taxable year.
This article shall take effect upon filing with
the Office of the Secretary of State, the Office of Real Property
Tax Services and the Assessor of the Town of Henrietta.
