[Adopted 1-24-2001 by L.L. No. 3-2001 (Ch. 185, Art. VI, of the 1995 Code)]
This article is adopted pursuant to the authority of Real Property Tax Law § 469, providing property tax exemption for in-law apartments for parents and grandparents age 62 or older. All definitions, terms and conditions of such statute shall apply to this article.
[Amended 11-9-2005 by L.L. No. 7-2005]
A. 
Real property owned by a person must be the principal place of residence of the owner. Such exemption shall be applicable only during the taxable years in which such living quarters are a primary residence of the eligible parent or grandparent. It is for the purpose of providing living quarters for a parent or grandparent who is age 62 or older, and only to improvements made after the effective date of August 30, 2000.
B. 
The exemption may not exceed the lesser of:
(1) 
The increase in assessed value resulting from construction or reconstruction of such property;
(2) 
Twenty percent of the total assessed value of such property as improved; or
(3) 
Twenty percent of the median sale price of residential property as reported in the most recent Statistical Sales Summary, published by the Office of Real Property Tax Services, for the county in which the property is located.[1]
[1]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I).
Such exemption from taxation shall be granted upon an application made annually.