[Adopted 3-8-1994 by L.L. No. 2-1994]
This article shall be known as the "Town of
Niagara Home Improvement Tax Deferment Law."
This article is enacted under the power granted
to the Town by New York Real Property Tax Law § 421-f.
For purposes of this article the following terms
shall be defined as follows:
The exemption from taxation and special ad valorem levies
granted by this article.
The increased assessed value attributable to such reconstruction,
alteration or improvement divided by the most recently established
state equalization rate or special equalization rate for the Town,
except where the state equalization rate or special equalization rate
equals or exceeds 95%, then the increase in assessed value attributable
to such reconstruction, alteration or improvement shall equal the
market value of such reconstruction, alteration or improvement.
That change to a residential building, other than ordinary
repairs and maintenance, which would otherwise, except for the operation
of this article, result in an increase in the assessed valuation of
the real property and which consists of an addition, remodeling or
modernization to an existing residential structure. The following
shall not be considered reconstruction, alteration or improvement,
except to the extent that they are part of an addition, remodeling
or modernization: exterior painting; installation of exterior siding;
interior painting; plastering, paneling or wallpapering; replacement
of flooring or floor coverings; repairs to electrical or plumbing
systems. This list is illustrative only and not exhaustive.
Such reconstruction, alteration or improvement, as defined
herein, the value of which exceeds $3,000, and which is commenced
subsequent to the effective date of this article; provided, however,
that reconstruction, alteration or improvement of an existing building
pursuant to this article shall not and does not include any such reconstruction,
alteration or improvement of an existing building which increases
the assessed value of the existing building by more than 75% of the
existing building's assessed value prior to the commencement of the
improvements. In the event that the building for which an exemption
is sought has been damaged by fire or other calamity, the assessed
value for purposes of calculating any exemption under this article
shall be assessed value to the damage to the building.
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families, the greater
portion of which building or structure, as so determined by square
footage of the building, is at least five years old at the time the
owner of the building files an application for an exemption pursuant
to this section with the Town Assessor.
The New York State Board of Real Property Services.
Residential buildings reconstructed, altered
or improved subsequent to the effective date of the article shall
be exempt from taxation and special ad valorem levies to the extent
provided hereinafter.
A.
Such buildings shall be exempt for a period of one
year to the extent of 100% of the increase in assessed value thereof
attributable to such reconstruction, alteration or improvement and
for an additional period of seven years. Provided, however, that the
extent of such exemption shall be decreased by 12.5% of the initial
exemption each year during such additional period. Provided, further,
that such exemption shall be limited to $80,000 in increased market
value of the property attributable to such reconstruction, alteration
or improvement, and any increase in market value greater than $80,000
shall not be eligible for the exemption pursuant to this article.
B.
The exemption granted by this section is as follows:
|
Year of Exemption
|
Percentage
|
|---|---|
|
1
|
100.0
|
|
2
|
87.5
|
|
3
|
75.0
|
|
4
|
67.5
|
|
5
|
50.0
|
|
6
|
37.5
|
|
7
|
25.0
|
|
8
|
12.5
|
|
9
|
0.0
|
Such exemption shall be granted only upon application
by the owner of such building on a form prescribed by the State Board.
The original of such application shall be filed with the Town Assessor,
and other such assessor having the power to assess the property, on
or before the appropriate tax status date of the Town or other assessing
entity. A copy of the application shall be filed with the State Board.
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 § 225-18 of this article. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the portion of the assessment roll provided for property partially exempt from taxation.
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 the heirs or
distributees of the owner, the exemption granted pursuant to this
article shall cease.
Upon passage of this article, and in addition
to the normal filing requirements of a local law, the Town Clerk shall
file a copy of this article with the State Board, Town of Niagara
Assessor, Niagara-Wheatfield School District and the Director of Real
Property Tax Services for the County of Niagara.
No reconstruction, alteration or improvement
otherwise eligible for exemption under this article shall receive
such exemption unless all building permits required by the Town of
Niagara shall have been acquired prior to the start of such reconstruction,
alteration or improvement.
