[Adopted 9-15-2003 by L.L. No. 9-2003]
The intent of this article is to encourage property
owners to make improvements to one- and two-family residential housing,
to improve the quality of housing in the community, and to preserve
and expand the tax base of the Village of Canton.
[Amended 2-18-2020 by L.L. No. 2-2020]
In accordance with § 421-f of the New York State Real
Property Tax Law, and subject to meeting the requirements of this
article, reconstructions, alterations or improvements to one- and
two-family residential buildings occurring subsequent to the effective
date of this article resulting in a change in the assessed valuation
of at least Three Thousand Dollars ($3,000) shall be, upon application,
eligible for an exemption of Village of Canton property taxes pursuant
to the terms of this article.
As used in this article, the following terms
shall have the meanings indicated:
Shall not include ordinary maintenance and repairs. However,
the value of the relocation or improvement of a septic system when
such relocation or upgrade of a septic system is required as a condition
of or as a precedent to obtaining a permit pursuant to other provisions
of this Code may be considered. Swimming pools shall not be considered
to constitute an alteration or improvement for the purpose of this
article.
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
The improvements to one- and two-family residential
buildings reconstructed, altered or improved for residential purposes
subsequent to the effective date of this article shall be exempt from
taxation to the extent provided hereinafter.
A.
One- and two-family residential buildings reconstructed,
altered or improved for residential purposes subsequent to the effective
date of this article 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, subject to the following:
(1)
The extent of such exemption shall be decreased by
12.5% of the initial exemption each year during said additional seven-year
period; and
(2)
Such exemption shall be limited
to Eighty Thousand Dollars ($80,000) in increased market value of
the property attributable to such reconstruction, alteration or improvement,
and any increase in market value greater than such amount shall not
be eligible for the exemption pursuant to this article.
B.
For purposes of this section, the market value of
the reconstruction, alteration or improvement shall be equal to the
increased assessed value attributable to such reconstruction, alteration
or improvement divided by the then most recently established state
equalization rate. However, where the then most recently established
state equalization rate equals or exceeds 95%, the increase in assessed
value attributable to such reconstruction, alteration or improvement
shall be deemed to equal the market value of such reconstruction,
alteration or improvement.
A.
No exemption shall be granted for reconstruction,
alterations or improvements unless:
(1)
Such reconstruction, alteration or improvement must
be commenced subsequent to the effective date of this article; and
(2)
The value of such reconstruction,
alteration or improvement must exceed Three Thousand Dollars ($3,000).
The maximum exemption permitted under this article is Eighty Thousand
Dollars ($80,000); and
(3)
The greater portion, as so determined by square footage,
of the building reconstructed, altered or improved must be at least
five years old.
B.
The exemption shall be granted only upon application
by the owner of such residential building on a form prescribed by
the state board. The application shall be filed with the Assessor
having the power to assess property in the Village of Canton for taxation,
with such filing to be received in the office of said Assessor on
or before the taxable status date for the Village of Canton. A certificate
of compliance or a certificate of occupancy issued in connection with
the reconstruction, alteration or improvement must be submitted with
the application.
C.
If the Assessor is satisfied that an applicant is
entitled to an exemption under the provisions of this article, the
Assessor shall approve the application, and such residential building
shall thereafter be exempt from taxation and special ad valorem levies
as herein provided commencing with the next assessment roll. 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.
An exemption granted pursuant to this article
shall cease in the event that a building granted an exemption pursuant
to this article ceases to be used primarily for residential purposes,
or in the event that title thereto is transferred to other than the
heirs or distributees of the owner. Properties currently receiving
an exemption or abatement under other sections of the Real Property
Tax Law (such as § 485-e) shall continue under the previous
exemption or abatement.
A.
If any section or subsection, paragraph, clause, phrase
or provision of this article shall be adjudged invalid or held unconstitutional,
the remaining portion(s) of this article shall remain and operate
as if that section, subsection, paragraph, clause, phrase or provision
did not exist.
B.
The Village Clerk is hereby instructed to file a certified
copy of this article with the State Board of Equalization, and with
the Assessor who prepares the assessment roll on which the taxes of
the Village of Canton are levied.
C.
Effective date. This article is effective upon passage
by the Village Board of Trustees and filing with the Department of
State pursuant to the Municipal Home Rule Law. However, the implementation
of this article will not go into effect until after the taxable status
date immediately following the filing of this article with the Department
of State, and the establishment of the property tax roll.
