This section shall be known and cited as "Graduated
Tax Exemption for Capital Improvements to One- and Two-Family Homes."
The Village of Spring Valley recognizes residential
rehabilitation subjects owners to additional tax liability for those
improvements through higher assessments. In its determination to encourage
residential rehabilitation, the Village of Spring Valley will assist
residents to increase the beautification of their neighborhood in
rehabilitating and improving their property by providing exemption
of capital improvements of residential buildings from taxation.
As used in this article, the following terms
shall have the meanings indicated:
RECONSTRUCTION, ALTERATION and IMPROVEMENT
Shall not include ordinary maintenance and repairs, but shall
include only that which would otherwise 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 to
prevent physical deterioration of the structure or to comply with
applicable building, sanitary, health and/or fire codes.
RESIDENTIAL BUILDING
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
In order to be eligible for such exemption:
A. The owner of said building must submit an application
on a State Board of Assessment prescribed form, filing the original
with the Village Assessor, having the power to assess property for taxation, on or
before the appropriate taxable status date of said Village, and also
filing a copy of said application with the State Board of Assessment
and Review.
B. The reconstruction, alteration or improvement must
be commenced subsequent to the date of the enactment of this article.
C. The value of said reconstruction, alteration or improvement
must exceed $3,000.
D. The greater portion of the building, as determined
by square footage of the building reconstructed, altered or improved,
is at least five years old.
Upon the Assessor of the Village of Spring Valley being 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 or special ad valorem levies commencing with
the assessment roll prepared after the taxable status date of said
Village. The Assessor shall enter in the portion of the assessment
roll for property exempt from taxation the assessed value of the exemption
granted pursuant to this article.
If a building granted an exemption under this
article ceases to be used primarily for residential purposes or title
thereto is transferred to other than heirs or distributees of the
owner, the exemption granted pursuant to this article shall cease
forthwith.
Where a one-family home by reconstruction, alteration
or improvement is converted to a two-family home, such exemption shall
not apply.