Editor's Note: Section 3 of L.L. No. 1-1999
provided that this local law would apply to reconstructions, alterations
or improvements commenced subsequent to the effective date of this
local law.
The provisions of § 421-f of the Real
Property Tax Law of the State of New York, as amended by Chapter 704
of the Laws of 1993 of the State of New York, are hereby adopted by
the Town of Brookhaven.
Residential buildings reconstructed, altered or improved
shall be exempt from taxation and special ad valorem levies for a
period of one year to the extent of 100% of the increase in assessed
value thereof attributable to such reconstruction, alterations or
improvements and an additional period of seven years as follows:
The extent of such exemption shall be decreased by
12 1/2% of the exemption base during such additional periods.
The exemption base shall be the increase in assessed value as determined
in the initial year of the term of the exemption except as provided
in § 421-f(2)(a)(ii) of the Real Property Tax Law.
Such exemption shall be limited to eighty thousand
dollars in increased market value of the property attributable to
such reconstruction, alteration or improvement.
For purposes of this article, a “residential
building” shall mean any building or structure designed and
occupied exclusively for residential purposes by not more than two
families.
In the event that a building granted an exemption
pursuant to this section ceases to by used primarily for residential
purposes or title thereto is transferred to other than the heirs or
distributees of the owner, the exemption granted pursuant to this
article shall cease.