[Adopted 7-28-2021 by L.L. No. 11-2021]
The intent of this article is to encourage property owners to
make improvements to one- and two-family residential housing, to improve
the quality of housing in the community, and to preserve and expand
the tax base of the Village of Malone.
In accordance with § 421-F of the New York State Real
Property Tax Law, and subject to meeting the requirements of this
article, reconstructions, alterations, or improvements to one- and
two-family residential buildings occurring subsequent to the effective
date of this article resulting in a change in the assessed valuation
of at least $3,000 shall be, upon application, eligible for an exemption
of Village of Malone property taxes per the terms of this article,
such abatement not to exceed $80,000.
As used in this article, the following terms shall have the
meanings included:
Shall not include ordinary maintenance and repairs. Swimming
pools, garages, or any other accessory structure shall not be considered
to constitute an alteration or improvement for the purpose of this
article. Furthermore, reconstruction, alteration, and improvement
shall not include any increase in the size and/or square footage of
the residential structure.
Any building or structure designed and occupied exclusively
for residential purposes by not more than two families.
The improvements to one- and two-family residential buildings
reconstructed, altered, or improved for residential purposes subsequent
to the effective date of this article shall be exempt from taxation
to the extent provided hereinafter.
A.
One- and two-family residential buildings reconstructed, altered,
or improved for residential purposes subsequent to the effective date
of this article shall be exempt for a period of one year to the extent
of 100% of the increase in assessed value thereof attributable to
such reconstruction, alteration, or improvement, and for an additional
period of seven years, subject to the following:
(1)
The extent of such exemption shall be decreased by 12.5% of the initial
exemption each year during the said additional seven-year period;
and
(2)
Such exemption shall be limited to $80,000 in increased market value
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 article.
B.
For 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 then most recently established state equalization rate.
However, where the then most recently established state equalization
rate equals or exceeds 95%, the increase in the 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 exemption shall be granted for reconstruction, alterations, or
improvements unless:
(1)
Such reconstruction, alteration, or improvement must be commenced
subsequent to the effective date of this article; and
(2)
The value of such reconstruction, alteration, or improvement must
exceed $3,000. The maximum exemption permitted under this article
is $80,000; and
(3)
The greater portion, as so determined by square footage, of the building
reconstructed, altered, or improved must be at least five years old;
and
(4)
Building permits must be obtained in accordance with local law.
B.
The exemption shall be granted only upon application by the owner
of such residential building on a form prescribed by the State Board.
The application shall be filed with the Assessor having the power
to assess property in the Village of Malone for taxation, with such
filing to be received in the office of said Assessor on or before
the taxable status date for the Village of Malone. A certificate of
compliance or a certificate of occupancy issued in connection with
the reconstruction, alteration, or improvement must be submitted with
the application.
