[Adopted 7-17-1997 by L.L. No. 2-1997]
This Part 7 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 Part 7, the following terms shall have the meanings indicated:
RECONSTRUCTION, ALTERATION AND IMPROVEMENT
Does 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.
A. 
Residential buildings reconstructed, altered or improved subsequent to the effective date of this Part 7 shall be exempt from taxation and special ad valorem levies to the extent provided herein.
B. 
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 this Part 7.
(2) 
The value of such reconstruction, alteration or improvement exceeds $3,000.
(3) 
The greater portion, as so determined by square footage, of the building reconstructed, altered or improved is at least five years old.
A. 
The buildings described in § 182-70 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:
Year
Exemption Percentage
1
100.0%
2
87.5%
3
75.0%
4
62.5%
5
50.0%
6
37.5%
7
25.0%
8
12.5%
B. 
The exemption shall be limited to $80,000 in increased market value of the property attributable to such reconstruction, alteration or improvement.
A. 
An exemption shall be granted only upon application by the owner of the building on a form prescribed by the State Board of Real Property Services. The application shall be filed with the Assessor of the town or village having the power to assess property for taxation on or before the appropriate taxable status date of such town or village.
B. 
If satisfied that the applicant is entitled to an exemption pursuant to this Part 7, 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 any exemption granted pursuant to this Part 7 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 Part 7 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.