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.
[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.