[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.