[Adopted 11-1-1994 by L.L. No. 13-1994 (Ch. 50B, Art. IV, of the 1965 Code)]
Residential buildings reconstructed, altered or improved subsequent to the first day of January 1995 for residential purposes shall be exempt from taxation and special ad valorem levies to the extent provided hereinafter.
A. 
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; 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 article. For the purposes of this article, 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, except where the state equalization rate or special equalization rate equals or exceeds 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.
[Amended 1-22-2013 by L.L. No. 1-2013]
B. 
No such exemption shall be granted for reconstruction, alterations or improvements unless:
(1) 
Such reconstruction, alteration or improvement was commenced subsequent to the first day of January 1995; and
(2) 
The value of such reconstruction, alteration or improvement exceeds $3,000; and
(3) 
The greater portion, as so determined by the square footage, of the building reconstructed, altered or improved is at least five years old.
C. 
For purposes of this article, the term "reconstruction, alteration or improvement" shall not include ordinary maintenance and repairs.
[Amended 1-22-2013 by L.L. No. 1-2013]
Such exemption shall be granted only upon application by the owner of such building on a form prescribed by the State Board. The original shall be filed with the Assessor of the Village on or before January 1 of each year.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, 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 § 370-27 of this article. 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, a "residential building" shall mean 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.