[Adopted 9-5-2006 by L.L. No. 9-2006]
Pursuant to RPTL § 469, the Town of
Malta shall provide to eligible persons an exemption from taxation
to the extent of any increase in assessed value of residential property
resulting from the construction or reconstruction of such property
for the purpose of providing living quarters for a parent or grandparent,
who is 62 years of age or older. Such exemption shall not exceed:
A.
The increase in assessed value resulting from construction
or reconstruction of such property; or
B.
Twenty percent of the total assessed value of such
property as improved; or
C.
Twenty percent of the median sale price of residential
property as reported in the most recent sales statistical summary
published by the state board for Saratoga County, whichever is less,
subject to the conditions set forth in NYS RPTL § 469.
