[Adopted 12-11-1997 by L.L. No. 5-1997]
The purpose of this article is to grant a partial
exemption from taxation for capital improvements to residential buildings
within the Town of Bethel as authorized by § 421-f of the
Real Property Tax Law.
This article shall be known as the "Town of
Bethel Capital Improvement Exemption 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.
That change to the residential building which would otherwise,
except for the operation of this article, result in an increase in
the assessed valuation of the subject real property and which consists
of an addition, remodeling or modernization to an existing residential
structure. The following activities shall not be considered an improvement
under this definition except where such activities form a part of
an addition, remodeling or modernization: exterior painting; the installation
of exterior siding; interior painting; plastering, paneling or wallpapering;
replacement of flooring or floor coverings; and repairs to electrical
or plumbing systems. This list is illustrative only and not exhaustive.
[1]Such reconstruction, alteration or improvement, other than
ordinary repairs and maintenance, the value of which exceeds $3,000,
and which is commenced subsequent to the effective date of this article.
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
The New York State Board of Real Property Services.[2]
Residential buildings reconstructed, altered
or improved subsequent to the effective date of this article shall
be exempt from taxation and special ad valorem levies to the extent
provided hereinafter.
A.
Subject to the provisions of § 421-f of
the Real Property Tax Law of the State of New York, the value of an
improvement which qualifies for exemption shall receive the following
exemption percentages:
|
Year
|
Exemption Percentage
| |
|---|---|---|
|
1
|
100%
| |
|
2
|
87.5%
| |
|
3
|
75%
| |
|
4
|
62.5%
| |
|
5
|
50%
| |
|
6
|
37.5%
| |
|
7
|
25%
| |
|
8
|
12.5%
|
B.
Provided, however, that the extent of 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 of this article.
Such exemption shall be granted only upon timely
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 any 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. If the Assessor receives an
application after the appropriate tax status date, the Assessor shall
return the application to the applicant, with the notation that it
has not been timely submitted.
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 on the basis of the taxable
status date. The assessed value of any exemption granted pursuant
to this article shall be entered by the Assessor on the assessment
roll with the taxable property, with the amount of the exemption shown
in a separate column.
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 any entity or person other
than the estate, heirs or distributees of the owner, the exemption
granted pursuant to this section 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 Bethel,
school districts in Monticello, Liberty, Jeffersonville-Youngsville
and Narrowsburg, and the County of Sullivan Assessor.
Any amendment or rescission of this article
shall not reduce or repeal any exemption previously granted under
it.
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
Bethel shall have been acquired prior to the start of such reconstruction,
alteration or improvement.
