[Adopted 11-18-1995 as L.L. No. 8-1995]
A.
Residential buildings reconstructed, altered or improved
for residential purposes subsequent to the effective date of this
Article shall be exempt from taxation and special ad valorem levies
to the extent provided for herein.
B.
Such buildings shall be exempt for a period of one
year to the extent of one hundred per centum (100%) of the increase
in assessed value thereof attributable to such reconstruction, alteration
or improvement, except new construction, and for an additional period
of four years; provided, however, that the extent of such exemption
shall be decreased by twenty-five per centum (25%) of the initial
exemption each year during such additional period; provided, further,
that such exemption shall be limited to $80,000 in increased market
value, of the property attributable to such reconstruction, alteration
or improvement, except new construction, and any increase in market
value greater than such amount shall not be eligible for the exemption,
pursuant to this section. For the purpose of this section, the market
value of the reconstruction, alteration or improvement, except new
construction, shall be equal to the increased assessed value attributable
to such reconstruction, alteration or improvement divided by the Class
1 ratio in a special assessing unit or the most recently established
state equalization rate or special equalization rate in the remainder
of the state, except where the state equalization rate or special
equalization rate equals or exceeds ninety-five per centum (95%),
then the increase in assessed value attributable to such reconstruction,
alteration or improvement, except new construction, shall equal the
market value of such reconstruction, alteration or improvement, except
new construction.
[Amended 4-13-1996 by L.L. No. 4-1996]
A.
In any year in which a change in level of assessment
of 15% or more is certified for a final assessment roll pursuant to
the rules of the State Board, the exemption base shall be multiplied
by a fraction, the numerator of which shall be the total assessed
value of the parcel on such final assessment roll (after accounting
for any physical or quantity changes to the parcel since the immediately
preceding assessment roll), and the denominator of which shall be
the total assessed value of the parcel on the immediately preceding
final assessment roll. The result shall be the new exemption base.
The exemption shall thereupon be recomputed to take into account the
new exemption base, notwithstanding the fact that the Assessor receives
certification of the change in level of the assessment after the completion,
verification and filing of the final assessment roll. In the event
that the Assessor does not have custody of the roll when such certification
is received, the Assessor shall certify the recomputed exemption to
the local officers having custody and control of the roll, and such
local officers are hereby directed and authorized to enter the recomputed
exemption certified by the Assessor on the roll. The Assessor shall
give written notice of such recomputed exemption to the property owner
who may, if he or she believes that the exemption was recomputed incorrectly,
apply for a correction.
B.
No such exemption shall be granted for reconstruction,
alteration or improvements unless:
[Amended 4-13-1996 by L.L. No. 4-1996]
(1)
Such reconstruction, alteration or improvement was
commenced subsequent to the date this Article is enacted;
(2)
The value of such reconstruction, alteration or improvement
exceeds $3,000; and
(3)
The greater portion, as so determined by square footage,
of the building reconstructed, altered or improved is at least five
years old.
C.
For the purpose of this section, the terms "reconstruction,"
"alteration" or "improvement" shall not include ordinary maintenance
and repair.
A.
Such exemption shall be granted only upon application
by the owner of such building on a form prescribed by the State Assessment
Board, available from the Village Assessor. The original of such application
shall be filed with the Village Assessor on or before the first day
of January of each year, the appropriate taxable status date for the
village. A copy thereof shall be filed with the State Board.
B.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this section, he 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 after the taxable status date referred to in § 124-3A of this Article. The assessed value of any exemption granted, pursuant to this section, shall be entered by the Assessor on the portion of the assessment roll provided for property exempt from taxation.
C.
In the event that a building granted an exemption
pursuant to this section 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 section shall
cease.
