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.
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.