[Adopted 7-6-2010 by L.L. No. 15-2010]
A.
It is hereby found and determined as follows:
(1)
The County Legislature of Putnam County, New York (hereinafter the
"County Legislature" and the "County," respectively), has heretofore
enacted real property tax exemptions for senior citizens, veterans,
disabled persons, and qualified members of volunteer fire departments
and ambulance corps.
(2)
In 1995, in order to stimulate economic growth and development in
the County, the County Legislature established the Putnam County Industrial
Development Agency which grants certain abatements in the payment
of real estate, mortgage recording and sales and compensating use
taxes to qualifying industrial, commercial and retail businesses.
(3)
In 2006 and 2007, in order to further stimulate economic growth and
development in the County, the County Legislature petitioned the State
Legislature to designate the County as an Empire Zone, and such designation
was thereafter granted.
(4)
The County Legislature hereby determines that capital improvements
to residential property in the County will foster a more vigorous
and healthy local economy through the purchase of materials for such
capital improvements.
(5)
The County Legislature further determines that homeowners would benefit
from an abatement in the increased assessment attributable to reconstruction,
alterations or improvements made to residential property.
(6)
The County Legislature recognizes that § 421-f of the New
York State Real Property Tax Law authorizes municipalities in New
York State to grant partial exemptions from real property taxation
of the increase of the assessed value of properties attributable to
reconstruction, alterations or improvements made to residential property.
B.
It is intended by the County Legislature that this article is adopted
pursuant to § 421-f of the Real Property Tax Law for the
purpose of exempting capital improvements to residential buildings
from County taxation and special ad valorem levies and shall be applied
in accordance with that statute, as amended from time to time.
As used in this article, the following terms shall have the
meanings indicated:
Shall not include ordinary maintenance and repairs.
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
A.
Residential buildings reconstructed, altered or improved subsequent
to the effective date of this article shall be exempt from County
taxation and special ad valorem levies to the extent provided herein.
B.
No such exemption shall be granted for reconstruction, alterations
or improvements unless:
(1)
Such reconstruction, alteration or improvement was commenced subsequent
to the effective date of this article.
(2)
The property for which exemption is sought must be a one- or two-family
residence.
(3)
The value of such reconstruction, alteration, or improvement must
exceed the sum of $5,000. The property owner must attach proper documentation
to include, but not be limited to, a construction contract, a building
permit, or any receipts and bills to support the cost of the capital
improvement.
(4)
The exemption is limited to $80,000 in increased market value. The
market value of the new construction is calculated by dividing the
increase in assessed value attributable to the new construction by
the latest state equalization rate or special equalization rate, unless
such rate is 95% or more, in which case the increased assessed value
will be deemed to be equal to the market value.
(5)
The greater portion, as so determined by square footage, of the building
reconstructed, altered or improved is at least five years old.
The buildings described in § 220-74 shall be exempt for a period of eight years to the extent of the following percentages of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement:
|
Year
|
Exemption Percentage
|
|---|---|
|
1
|
100.0%
|
|
2
|
87.5%
|
|
3
|
75.0%
|
|
4
|
62.5%
|
|
5
|
50.0%
|
|
6
|
37.5%
|
|
7
|
25.0%
|
|
8
|
12.5%
|
A.
An exemption shall be granted only upon application by the owner
of the building on a form prescribed by the State Board of Real Property
Services. The application shall be filed with the Assessor of the
respective town in which the residential building is located on or
before the appropriate taxable status date.
B.
If satisfied that the applicant is entitled to an exemption pursuant
to this article, the Assessor shall approve the application, and such
building shall thereafter be exempt from County taxation and special
ad valorem levies as herein provided commencing with the assessment
roll prepared on the basis of the taxable status date. The assessed
value of any exemption granted pursuant to this article shall be entered
by the Assessor on the assessment roll with the taxable property,
with the amount of the exemption shown in a separate column.
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 shall cease.
