[Adopted 10-6-1998 by L.L. No. 4-1998]
A. 
Residential buildings reconstructed, altered or improved, with proper building permits and inspections, subsequent to the enactment of this article shall be exempt from taxation to the extent and for the duration provided for in § 421-f of the Real Property Tax Law, as follows:
Year
Exemption Percentage
1
100%
2
87.5%
3
75%
4
62.5%
5
50%
6
37.5%
7
25%
8
12.5%
B. 
Such exemption shall be limited to $80,000 in increased market value of the property attributable to such reconstruction, alteration and improvement.
C. 
To be eligible, no such reconstruction, alteration or improvement shall commence without the prior issuance of a building permit by the City of Oneida Code Enforcement Officer for said capital improvements.
D. 
Such exemption shall be granted only upon application by the owner of such building on a form prescribed by the State Board of Real Property Services. The original of such application shall be filed with the Assessor's office on or before taxable status date.
[Amended 12-19-2000 by L.L. No. 6-2000]
E. 
For purposes of computing eligibility for this exemption, separate projects may be combined and deemed to be a single project, so long as each individual project meets the capital improvements requirements hereof and all such projects are completed within a single annual period commencing on May 1 of any year and ending on April 30 of the following year.
F. 
For purposes of this exemption, the terms "reconstruction," "alteration" and "improvement" shall not include ordinary maintenance and repairs.
G. 
The term "residential building" shall mean any building or structure designed and occupied exclusively for residential purposes by not more than two families.
H. 
In the event that a building granted an exemption pursuant to this provision ceases to be 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.