[Adopted 7-20-1999 by L.L. No. 3-1999][1]
[Amended 9-7-1999 by L.L. No. 7-1999]
Home construction projects which received payments, grants or loans pursuant to Article XIX of the Private Housing Finance Law and which were constructed without a building permit or were the subject of illegally issued and/or forged building permits and/or certificates of occupancy and which were fraudulently sold to a good faith purchaser, shall be exempt from taxation as set forth in this article.
A.
Such eligible property shall be exempt from real property
taxes imposed by the Town, including those imposed by the school district,
other than assessments for local improvements for a period commencing
the year after the taxable status date immediately following the completion
thereof and shall be calculated as follows:
|
Year Following Completion
|
Percentage of Exemption
|
|---|---|
|
1 to 12
|
100%
|
|
13 to 14
|
80%
|
|
15 to 16
|
60%
|
|
17 to 18
|
40%
|
|
19 to 20
|
20%
|
B.
The exemption provided for in this article shall be
in addition to any other exemption or abatement authorized by law.
