[Adopted 9-29-1997 by L.L. No. 5-1997 (Ch.
102, Art. III, of the 1971 Code)]
Pursuant to the provisions of § 421-f
of the Real Property Tax Law, the Town Board, Town of Fallsburg, hereby
adopts as Local Law No. 5 for the year 1997 the provisions of § 421-f
of the Real Property Tax Law, authorizing a partial exemption of real
property taxation for the increase in assessed value attributable
to reconstruction, alterations or improvements made to residential
property.
A.
The property for which exemption is sought must be
a one- or two-family residence.
B.
The greater portion of the residence, as measured
by square footage, after the capital improvement must be at least
five years old.
C.
The capital improvement must be commenced after the
date this article is enacted.
D.
Unless otherwise limited by local law, the exemption
applies to reconstruction, alterations or improvements; it does not
apply to ordinary maintenance or repairs.
E.
The value of such reconstruction, alteration or improvement
must exceed the sum of $3,000, and this article shall apply to such
capital improvement up to a maximum of $50,000.
The value of an improvement qualifying for exemption
shall receive the following exemption percentages:
|
Year
|
Percentage of Exemption
|
|---|---|
|
1
|
100%
|
|
2
|
87.5%
|
|
3
|
75%
|
|
4
|
62.5%
|
|
5
|
50%
|
|
6
|
37.5%
|
|
7
|
25%
|
|
8
|
12.5%
|
Applications for exemptions under this article
shall be filed with the Town Assessor. Applications shall be generally
in the form as specified by the New York State Board of Real Property
Services, the form of which is annexed hereto and marked Exhibit A.[1]
[1]
Editor's Note: Exhibit A is included at the end of this chapter.
A.
Application for an exemption under this article must
be filed in the Assessor's office on or before the appropriate taxable
status date. In towns preparing their assessment roll in accordance
with the schedule provided in the Real Property Tax Law, the taxable
status date is March 1.
B.
In the event that the application for exemption is
granted, it shall not be necessary to reapply for exemption after
the initial year in order for the exemption to continue. There shall
be no need to reapply in subsequent years, but if the property ceases
to be used primarily for residential purposes, or if title to the
property is transferred to persons other than the heirs or distributees
of the owner, the exemption is terminated.
(1)
The exemption shall be automatically recalculated
in any year in which there is a change in level of assessment for
the final assessment roll of 15% or more.
(2)
No local law or resolution may repeal or reduce an
exemption granted pursuant to § 421-f of the Real Property
Tax Law until the expiration of the period of that exemption.
