[Adopted 8-12-2008 by L.L. No. 6-2008]
The New York State Legislature enacted a section
of the Real Property Tax Law, § 421-f, which permits local
governing boards to adopt a local law granting to residential property
owners an exemption from taxation and special ad valorem levies on
residences that are reconstructed, altered or improved. The Woodbury
Village Board has determined that such a local law would be in the
best interest of the residential owners in the Village of Woodbury,
especially in light of those sections of the Real Property Tax Law
that grant exemptions from taxation to commercial and industrial uses
where there has been new construction.
Residential buildings reconstructed, altered
or improved subsequent to the adoption of this article shall be exempt
from taxation and special ad valorem levies to the extent as hereinafter
provided.
Such building shall be exempt for a period of
one year to the extent of 100% of the increase in assessed value attributable
to such reconstruction, alteration or improvement and for an additional
period of seven years, provided that the extent of such exemption
shall be decreased by 12 1/2% of the initial exemption each year
during such additional period.
The aforesaid exemption shall be limited to
$80,000 in increased market value, or such other sum less than $80,000
but not less than $5,000 in increased market value of the property
attributable to such reconstruction, alteration or improvement. Any
increase in market value greater than $80,000 shall not be eligible
for the exemption.
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 Class
I ratio in a special assessing unit or the most recently established
state equalization rate for the Village, except where the state equalization
rate equals or exceed 95%, then the increase in assessed value attributable
to such reconstruction, alteration or improvement shall equal the
market value of such reconstruction, alteration or improvement.
A.
No such exemption shall be granted for reconstruction,
alterations or improvements unless:
(1)
Such reconstruction, alteration or improvement was
commenced subsequent to the date of this article;
(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 residence reconstructed, altered or improved is at least five
years old.
B.
For purposes of this article, the terms "reconstruction,"
"alteration" and "improvement" shall not include ordinary maintenance
and repairs.
A.
Such exemption shall be granted only after a certificate
of occupancy has been issued for the improvement by the Woodbury Building
Department and upon application by the owner of such residence on
a form prescribed by the State Board. The original of such application
shall be filed with the Assessor no later than March 1 following the
issuance of the certificate of occupancy. If such application is not
so filed, then the property owner shall forfeit his or her right to
such a tax exemption.
B.
If the Assessor is satisfied that the applicant is
entitled to an exemption pursuant to this article, then 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 assessment roll prepared after the taxable status
date. The assessed value of any exemption granted pursuant to this
article shall be entered by the Assessor on the portion of the assessment
roll provided for property exempt from taxation.
For the purposes of this article, the following
terms shall have the meanings indicated:
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
In the event that a building granted an exemption
pursuant to this article ceases to be used primarily for residential
purposes or title thereto is transferred to other than the heirs or
distributees of the owner, the exemption granted pursuant to this
article shall cease.
