[Adopted 5-26-1998 by L.L. No. 1-1998]
Residential buildings reconstructed, altered
or improved subsequent to the effective date of this chapter shall
be exempt from taxation and special ad valorem levies by the City
of Jamestown as provided by Real Property Tax Law § 421-f
and to the extent hereinafter provided.
A.
Such buildings shall be exempt for a period of one year to the extent of 100% of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement and for an additional period of seven years as follows: one year at 87.5% of the exemption base followed by one year at 75% of the exemption base, followed by one year at 62.5% of the exemption base, followed by one year at 50% of the exemption base, followed by one year at 37.5% of the exemption base, followed by one year at 25% of the exemption base, followed by one year at 12.5% of the exemption base. 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 the New York State
Real Property Tax Law for the correction of clerical errors.
C.
Such exemption shall be limited to $80,000 in increased
market value 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 granted herein.
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, except
when the state equalization rate equals or exceeds 95%, in which case
the increase in assessed value attributable to such reconstruction,
alteration or improvement shall equal the market value of such reconstruction,
alteration or improvement.
D.
No such exemption shall be granted unless:
(1)
Such reconstruction, alteration or improvement was
commenced subsequent to the effective date of this article;
(2)
The value of such reconstruction, alteration or improvement
exceeds $3,000;
[Amended 12-22-2008 by L.L. No. 1-2009]
(3)
The greater portion, as so determined by square footage
of the building reconstructed, altered or improved, is at least five
years old; and
(4)
Such reconstruction, alteration or improvement requires
the issuance of a building permit and is completed as may be evidenced
by a certificate of occupancy or other appropriate documentation provided
by the owner.
E.
For purposes of this article, the terms reconstruction,
alteration and improvement shall not include ordinary maintenance
and repairs.
Such exemption shall be granted only upon application
by the owner of such real property on a form prescribed by the State
Board, the original of which shall be filed with the Assessor. Such
original application shall be filed on or before the taxable status
date and within one year from the date of completion of such reconstruction,
alteration or improvement.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, the Assessor shall approve the application, and such real property shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the first assessment roll prepared after the taxable status date referred to in § 270-15 of this article. The assessed value of any exemption granted pursuant to this article 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.
The provision of this article shall only apply
to one- or two-family owner-occupied dwellings used exclusively for
residential purposes.
In the event that real property granted an exemption
pursuant to this article is sold or transferred other than to the
heirs or distributees of the owner, the exemption granted hereunder
shall cease.
