[Adopted 2-15-2005 by L.L. No. 2-2005]
Pursuant to § 469 of the Real Property Tax Law, the
City of Saratoga Springs hereby provides for an exemption from taxation
to the extent of any increase in assessed value of residential property
resulting from the construction or reconstruction of such property
for the purpose of providing living quarters for a parent or grandparent,
who is 62 years of age or older. Such exemption shall not exceed the
increase in assessed value resulting from construction or reconstruction
of such property, or 20% of the total assessed value of such property
as improved, or 20% of the median sale price of residential property
as reported in the most recent sales statistical summary published
by the state board for the county in which the property is located,
whichever is less.
The exemption from taxation provided in § 212-85 shall be subject to all limitations, restrictions, definitions, and procedures as provided in § 469 of the Real Property Tax Law.
