Residential buildings, which for the purposes
of this article shall mean any building or structure designed and
occupied exclusively for residential purposes by not more than two
families, that are reconstructed, altered, or improved shall be exempt
from taxation levied by the City of Cohoes on the increase in assessed
value attributable to such reconstruction, alteration, or improvement
to the extent provided hereinafter, pursuant to § 421-f
of the New York State Real Property Tax Law. The length of said exemption
shall be eight years. Such exemption shall be computed in accordance
with the following table:
Year of Exemption
|
Percentage of Exemption Base Exempt from
Tax
|
---|
1
|
100%
|
2
|
87.5%
|
3
|
75%
|
4
|
62.5%
|
5
|
50%
|
6
|
37.5%
|
7
|
25%
|
8
|
12.5%
|
No exemption pursuant to this article shall
be granted for reconstruction, alteration, or improvement unless:
A. Such reconstruction, alteration, or improvement was
commenced subsequent to the effective date of this article.
B. The value of such reconstruction, alteration, or improvement
exceeds $3,000.
C. The greater portion, as so determined by square footage,
of the building reconstructed, altered, or improved is at least five
years old.
D. The reconstruction, alteration, or improvement is
not ordinary maintenance or repairs.
Any exemption pursuant to this article shall
be granted only upon application by the owner thereof on the form
prescribed by the state board. The application shall be filed with
the assessor of the City of Cohoes on or before the taxable status
date of March 1, to be eligible for an exemption to be entered on
the assessment roll prepared on the basis of said taxable status date.
Improvements to residential buildings must be completed to qualify
for the exemption pursuant to this article.