[Adopted 1-12-1998 by L.L. No. 1-1998]
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 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:
- RECONSTRUCTION, ALTERATION AND IMPROVEMENT
- Shall not include ordinary maintenance and repairs.
- RESIDENTIAL BUILDING
- Any building or structure designed and occupied exclusively for residential purposes by not more than two families.
Residential buildings reconstructed, altered, or improved subsequent to the effective date of this article shall be exempt from taxation and special ad valorem levies to the extent provided herein.
No such exemption shall be granted for reconstruction, alterations, or improvements unless:
Such reconstruction, alteration or improvement was commenced subsequent to the effective date of this article; and
The value of such reconstruction, alteration, or improvement exceeds $3,000; and
The greater portion, as so determined by square footage, of the building reconstructed, altered, or improved is at least five years old.
The building described in § 247-4 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:
The exemption shall be limited to $80,000 in increased market value of the property attributable to such reconstruction, alteration or improvement.
An exemption shall be granted only upon application by the owner of the building on a form prescribed by the Commissioner of Taxation and Finance. The application shall be filed with the Assessor of the Town having the power to assess property for taxation on or before the appropriate taxable status date of the Town.
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
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 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 an 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.