Residential buildings reconstructed, altered
or improved for residential purposes subsequent of the date of this
Article shall be exempt from taxation and special ad valorem levies
to the extent provided herein.
Such exemption shall be granted only upon application
by the owner of such building on a form prescribed by the State Board
pursuant to Real Property Tax Law § 421-f, the original
such application shall be filed with the City Assessor on or before
the 1st day of January of each year, the appropriate taxable status
date for the city.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, the Assessor shall approve the application and such building shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the assessment roll prepared after the taxable status date referred to in §
280-51 of this article. The assessed value of any exemption granted shall be entered by the Assessor on the assessment roll with the taxable property with the amount of the exemption shown in a separate column.
As used in this article, the following terms
shall have the meanings indicated:
RESIDENTIAL BUILDING
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 article ceases to be used primarily for residential
purposes or title thereto is transferred to other than heirs or distributees
of the owner, the exemption granted pursuant to this article shall
cease.