Multiple-dwelling buildings that arc reconstructed,
altered, improved and/or converted to an owner-occupied single-family
dwelling or any owner-occupied multiple dwelling that is reduced to
at most two units by such reconstruction shall be exempt from taxation
levied by the City of Cohoes on the increase in assessed value attributable
to such conversion to the extent provided hereinafter, pursuant to
§ 421-j of the New York State Real Property Tax Law. For
the purposes of this article, an owner-occupied multiple-dwelling
building shall mean any building or structure designed and occupied
as the temporary or permanent residence or home of two or more families,
including the owner of such building. 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%
|
Except as defined in this article, all terms
shall have the meanings set forth in § 421-j of the New
York State Real Property Tax Law.
No exemption pursuant to this article shall
be granted unless:
A. Such reconstruction, alteration, or conversion was
commenced subsequent to January 1, 2007.
B. The value of such reconstruction, alteration, or conversion
exceeds $5,000.
C. The reconstruction, alteration, or converted improvement
is not ordinary maintenance or repairs.
D. The greater portion, as so determined by square footage,
of the building reconstructed, altered, or improved is at least five
years old.
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.