[Adopted 11-9-1993 by L.L. No. 15-1993]
The purpose of this article is to implement
the partial real property tax exemption for capital improvements provided
for in Real Property Tax Law § 421-f, as enacted by Chapter
704 of the Laws of 1993. The Town Board finds that this real property
tax exemption will encourage homeowners to make capital improvements,
thereby preserving and enhancing the quality and value of residential
properties in the town and assisting homeowners who otherwise might
be unwilling to make improvements in view of the increased taxes which
would result.
For the purposes of this article, the following
definitions shall apply:
The Chairman of the Nassau County Board of Assessors.
The Nassau County Board of Assessors.
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
Residential buildings reconstructed, altered
or improved for residential purposes shall be exempt from taxation
and special ad valorem levies to the extent provided hereinafter.
From the purposes of this article, the terms
"reconstruction," "alteration" and "improvement" shall not include
ordinary maintenance and repairs.
A.
Residential 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.
Thereafter, for an additional period of seven years, the extent of
such exemption shall be decreased by 12 1/2% of the initial exemption
each year during such additional period.
B.
Such exemption shall be limited to $80,000 in increased
market value of the property attributable to such reconstruction,
alteration or improvement. Any increase in market value greater than
$80,000 shall not be eligible for the exemption.
No exemption shall be granted for reconstruction,
alterations or improvements unless:
A.
Such reconstruction, alteration or improvement was
commenced subsequent to the effective date of this article.
B.
The value of such reconstruction, alteration or improvement
exceeds $3,000;
C.
The greater portion, as so determined by square footage,
of the building reconstructed, altered or improved is at least five
years old; and
D.
The reconstruction, alteration or improvement was
undertaken pursuant to a building permit issued by the Town of North
Hempstead Department of Buildings.
A.
Such exemption shall be granted only upon application
by the owner of such building on a form prescribed by the Board. The
original of the application shall be filed with the Assessor on or
before May 1, which is the taxable status date, and a copy shall be
filed with the State Board of Equalization and Assessment. The applicant
shall also submit a copy of the building permit as well as the application
for such permit.
B.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, he shall approve the application, and such buildings 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 Subsection A of this section.
C.
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 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.
