Such exemption shall be granted only upon application by the owner of such real property on a form prescribed by the State Board of Equalization and Assessment, the original of which shall be filed with the Town of Union Assessor ("Assessor"). Such original application shall be filed on or before the taxable status date and within one year from the date of completion of such reconstruction, alteration or improvement. A copy of said application shall also be filed with the State Board of Equalization and Assessment. If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this Article VI, the Assessor shall approve the application and such real property shall thereafter be exempt from taxation as herein provided commencing with the first assessment roll prepared after the taxable status date. The assessed value of any exemption granted pursuant to this section shall be entered by the Assessor on the assessment roll with the taxable property, with the amount of the exemption shown in a separation column.
[Amended 8-16-2011 by L.L. No. 8-2011; 8-7-2012 by L.L. No. 5-2012; 12-3-2013 by L.L. No. 10-2013; 12-1-2015 by L.L. No. 9-2015]
Value of the improvement must exceed $3,000, but the maximum value
of the improvement for which the exemption would apply cannot exceed
$80,000, although the total value of the improvement itself may exceed
$80,000.
Such reconstruction, alteration or improvement shall require the
issuance of a building permit and is completed with the issuance of
a certification of occupancy and/or other required documentation and
permits.
The exemption is for eight years. The first year the exemption will
be 100% of the increase in assessment due to the improvement, and
thereafter, reduced by 12.5% per year for the remaining term of the
exemption.