[Adopted 9-13-2007 by L.L. No. 11-2007]
The City of Auburn adopts a local law granting the exemption authorized pursuant to § 421-k of the Real Property Tax Law and that a copy of such local law shall be filed with the State Board and the Assessor of such City who prepares the assessment roll on which the taxes of said City are levied.
Editor's Note: Local Law Number 11-2007 adopts the terms and provisions of § 421-k of the Real Property Tax Law, which provides property owners who invest in the reconstruction or improvement of a multifamily dwelling a tax incentive by granting an exemption from property taxation and special ad valorem levies. The exemption shall apply to an increase in the assessed valuation of the premises and shall continue for a term of seven years at the rate of 12.5% of the increased assessed market value of the premises as a result of reconstruction, alteration and conversion.