[Adopted 1-7-2002 by L.L. No. 1-2002]
The purpose of this article is to establish real property tax exemptions on certain capital improvements to residential buildings pursuant to § 421-f of the Real Property Tax Law of the State of New York.
Pursuant to the provisions of Subdivision 1 of § 421-f of the Real Property Tax Law of the State of New York, the exemption from the Real Property Tax Law is established as follows:
The per centum of exemption shall be as established pursuant to § 421-f, Subdivision 2.
Eligibility for the exemption shall be limited to those forms of reconstruction, alterations or improvements as defined at § 421-f, Subdivision 2(b) and (c). Eligibility for the exemption shall only apply to residential buildings that, upon completion of the reconstruction, alterations and improvements, are one- or two-family residences. Exemption shall not apply to residences that have been changed from a one-family residence to a two-family residence.
The exemption shall also be applicable to those improvements which would otherwise result in an increase in the assessed valuation of the real property but which consist of an addition, remodeling or modernization to an existing residential structure to prevent physical deterioration of the structure or to comply with applicable building, sanitary, health and/or fire codes.
The minimum exemption amount is $3,000, and such exemption is limited to $80,000.
[Amended 10-16-2006 by L.L. No. 3-2006]