[Adopted 7-22-2015 by L.L. No. 2-2015]
Residential buildings that are reconstructed, altered or improved,
pursuant to § 421-f of the New York State Real Property
Tax Law, shall be exempt from taxation and special ad valorem levies
levied.
A.
The exemption equals the base exemption, multiplied by one of the
following percentages. The extent of such exemption shall decrease
by 12 1/2% of the exemption base each year during such additional
period pursuant to the following schedule:
|
Year
|
Exemption
|
|---|---|
|
1
|
100%
|
|
2
|
87.5%
|
|
3
|
75%
|
|
4
|
62.5%
|
|
5
|
50%
|
|
6
|
37.5%
|
|
7
|
25%
|
|
8
|
12.5%
|
|
9
|
0%
|
B.
Such exemption shall be limited to $80,000 in increased market value,
but not less than $5,000, 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 section. For the purposes of this section, 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 Class I ratio in a special
assessing unit or the most recently established state equalization
rate or special equalization rate in the remainder of the state, except
where the state equalization rate or special equalization rate equals
or exceeds 95%, in which case the increase in assessed value attributable
to such reconstruction, alteration or improvement shall be deemed
to equal the market value of such reconstruction, alteration or improvement.
A.
No such exemption shall be granted for reconstruction, alterations
or improvements unless:
(1)
Such reconstruction, alteration or improvement was commenced subsequent
to the effective date of the local law or resolution adopted; and
(2)
The value of such reconstruction, alteration or improvement exceeds
$3,000; and
(3)
The greater portion, as so determined by square footage, of the building
reconstructed, altered or improved is at least five years old; and
(4)
The reconstruction, alteration or improvement shall have been permitted
by the Code Enforcement Officer such that a building permit issued
and said reconstruction, alteration or improvement shall have met
all necessary approvals per the applicable New York State Uniform
Fire Prevention and Building Code, LeRoy Municipal Code and the Code
Enforcement Officer's approval upon completion; and
(5)
The property for which exemption is sought must be a one- or two-family
residence.
B.
For purposes of this section the terms "reconstruction," "alteration"
and "improvement" shall not include ordinary maintenance and repairs.
C.
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.
Such exemption shall be granted only upon application by the
owner of such building on a form prescribed by the State Board. The
application shall be filed with the Assessor of the Town of LeRoy
on or before the taxable status date of March 1. Any exemption pursuant
to this article shall be granted only upon application by the owner
thereof on the form prescribed by the State Board. The application
shall be filed with the Assessor of the Town of LeRoy on or before
the taxable status date of March 1 to be eligible for an exemption
to be entered on the assessment roll prepared on the basis of said
taxable status date.
This article shall take effect immediately.
