[Adopted 9-13-2007 by L.L. No. 11-2007]
The City of Auburn adopts a local law[1] 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.
[1]
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.
