[Adopted 3-8-1994 by L.L. No. 11-1994]
Residential buildings reconstructed, altered
or improved subsequent to the effective date of this article for residential
purposes shall be exempt from taxation and special ad valorem levies
to the extent provided hereinafter. For the purposes of this article,
a "residential building" shall mean any building or structure designed
and occupied exclusively for residential purposes by not more than
two families.
Such buildings 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; provided, however, that
the extent of such exemption shall be decreased by 12 1/2% of the
initial exemption each year during such additional period and 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, and any increase in market value greater
than such amount shall not be eligible for the exemption pursuant
to this section. For the 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 most recently established
state equalization rate.
A.Â
Such reconstruction, alteration or improvement must
be commenced subsequent to the effective date of this article.
B.Â
The value of such reconstruction, alteration or improvement
must exceed $3,000.
C.Â
For the purposes of this section, the terms "reconstruction,"
"alteration" and "improvements" shall not include ordinary maintenance
and repairs but shall include the landward relocation of oceanfront
residential buildings, the placement of residential buildings on pilings
and other improvements intended to bring such residential buildings
into compliance with Federal Emergency Management Administration (FEMA)
regulations. 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.
[Amended 12-8-1998 by L.L. No. 46-1998]
D.Â
The greater portion, as so determined by square footage,
of the buildings reconstructed, altered or improved must be least
five years old.
E.Â
The owner of such building must make application on
the form prescribed by the state board on or before the taxable status
date. A certificate of compliance or a certificate of occupancy issued
in connection with the reconstruction, alteration or improvement must
be submitted with the application.
F.Â
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 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 section shall be entered by the
Assessor on the portion of the assessment roll provided for property
exempt from taxation.
An exemption granted pursuant to this article
shall cease in the event that a building granted an exemption 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.[1]
[1]
Editor's Note: Former § 298-25.1,
Expiration date, as amended, which immediately followed this section,
was repealed 3-27-2007 by L.L. No. 10-2007, effective 3-1-2006.
