City of Ithaca, NY Article VI Exemption for Capital Improvements to Residential Buildings

[Adopted 11-5-2003 by L.L. No. 3-2003[1]]

[1] Editor's Note: This local law provided that it would take effect no sooner than April 1, 2004.

§ 300-27 Legislative intent and purposes.

The purpose of this article is to grant a partial exemption from taxation for capital improvements to residential buildings within the City of Ithaca as authorized by § 421-f of the Real Property Tax Law. "Residential building" shall mean any building designed and occupied exclusively for residential purposes by not more than two families.

§ 300-28 Exemption granted.

A. Residential buildings reconstructed, altered or improved with proper building permits and inspection subsequent to the effective date of this article shall be exempt from taxation and special ad valorem levies to the extent provided herein.

B. Such properties shall be exempt from taxation for capital improvements for a period of one year to the extent that 100% of the increase in assessed value thereof attributable to reconstruction, alteration or improvement and for an additional period of seven years; provided, however, that the extent of such exemption shall be decreased by 12.5% of the initial exemption each year during each additional period; provided that such exemption shall be limited to $80,000 in increased market value, or such other sum less than $80,000 but not less than $5,000 of the property attributable to such reconstruction, alteration or improvement.

§ 300-29 Terms and conditions.

The following terms and conditions shall be applied in the implementation of this article:

A. No such exemption shall be granted for reconstruction, alteration or improvements unless such reconstruction, alteration or improvement was commenced subsequent to the effective date of this local law.

B. No such exemption shall be granted for reconstruction, alteration or improvements unless the greater portion, as so determined by square footage, of the building reconstructed, altered or improved is at least five years old.

C. The cost of the reconstruction, alteration or improvement must exceed $3,000, and

D. For purpose of this section, the terms "reconstruction," "alteration" and "improvement" shall not include ordinary maintenance and repairs.

E. The exemption provisions of this article shall not apply to swimming pools, detached garage structures, or any other accessory structures to the primary residential structure.

F. In the event that a building granted an exemption pursuant to this Article ceases to be used exclusively for residential purposes or title thereto is transferred to a person or entity other than the heirs or distributees of the owner, the exemption granted pursuant to this article shall cease.

G. Such exemption shall be granted only upon application by the owner of such building on a form prescribed by the state board to the Tompkins County Department of Assessment.