[HISTORY: Adopted by the Board of Trustees of the Village of Ocean
Beach: Art. I, 11-18-1995 as L.L. No. 8-1995;
Art. II, 11-18-1995 as L.L. No. 9-1995.
Amendments noted where applicable.]
[Adopted 11-18-1995 as L.L. No. 8-1995]
A.
Residential buildings reconstructed, altered or improved
for residential purposes subsequent to the effective date of this Article
shall be exempt from taxation and special ad valorem levies to the extent
provided for herein.
B.
Such buildings shall be exempt for a period of one year
to the extent of one hundred per centum (100%) of the increase in assessed
value thereof attributable to such reconstruction, alteration or improvement,
except new construction, and for an additional period of four years; provided,
however, that the extent of such exemption shall be decreased by twenty-five
per centum (25%) of the initial exemption each year during such additional
period; provided, further, that such exemption shall be limited to $80,000
in increased market value, of the property attributable to such reconstruction,
alteration or improvement, except new construction, and any increase in market
value greater than such amount shall not be eligible for the exemption, pursuant
to this section. For the purpose of this section, the market value of the
reconstruction, alteration or improvement, except new construction, shall
be equal to the increased assessed value attributable to such reconstruction,
alteration or improvement divided by the Class 1 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 ninety-five per centum (95%),
then the increase in assessed value attributable to such reconstruction, alteration
or improvement, except new construction, shall equal the market value of such
reconstruction, alteration or improvement, except new construction.
[Amended 4-13-1996 by L.L. No. 4-1996]
A.
In any year in which a change in level of assessment
of 15% or more is certified for a final assessment roll pursuant to the rules
of the State Board, the exemption base shall be multiplied by a fraction,
the numerator of which shall be the total assessed value of the parcel on
such final assessment roll (after accounting for any physical or quantity
changes to the parcel since the immediately preceding assessment roll), and
the denominator of which shall be the total assessed value of the parcel on
the immediately preceding final assessment roll. The result shall be the new
exemption base. The exemption shall thereupon be recomputed to take into account
the new exemption base, notwithstanding the fact that the Assessor receives
certification of the change in level of the assessment after the completion,
verification and filing of the final assessment roll. In the event that the
Assessor does not have custody of the roll when such certification is received,
the Assessor shall certify the recomputed exemption to the local officers
having custody and control of the roll, and such local officers are hereby
directed and authorized to enter the recomputed exemption certified by the
Assessor on the roll. The Assessor shall give written notice of such recomputed
exemption to the property owner who may, if he or she believes that the exemption
was recomputed incorrectly, apply for a correction.
B.
No such exemption shall be granted for reconstruction,
alteration or improvements unless:
[Amended 4-13-1996 by L.L. No. 4-1996]
(1)
Such reconstruction, alteration or improvement was commenced
subsequent to the date this Article is enacted;
(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.
C.
For the purpose of this section, the terms "reconstruction,"
"alteration" or "improvement" shall not include ordinary maintenance and repair.
A.
Such exemption shall be granted only upon application
by the owner of such building on a form prescribed by the State Assessment
Board, available from the Village Assessor. The original of such application
shall be filed with the Village Assessor on or before the first day of January
of each year, the appropriate taxable status date for the village. A copy
thereof shall be filed with the State Board.
B.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this section, he 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 after the taxable status date referred to in § 124-3A of this Article. The assessed value of any exemption granted, pursuant to this section, shall be entered by the Assessor on the portion of the assessment roll provided for property exempt from taxation.
C.
In the event that a building granted an exemption pursuant
to this section ceases to be used primarily for residential purposes or title
thereto is transferred to other than heirs or distributees of the owner, the
exemption granted pursuant to this section shall cease.
[Adopted 11-18-1995 by L.L. No. 9-1995]
A.
Real property constructed, altered, installed or improved
subsequent to the effective date of this Article for the purpose of commercial,
business or industrial activity shall be exempt from taxation and special
ad valorem levies to the extent herein provided.
[Amended 4-13-1996 by L.L. No. 4-1996]
B.
Such real property shall be exempt for a period of one
year to the extent of 50% of the increase in assessed value thereof attributable
to such construction, alteration, installation or improvement and for an additional
period of nine years; provided, however, that the extent of such exemption
shall be decreased by 5% each year during such additional nine years, and
such exemption shall be computed with respect to the increase in assessed
value as determined in the initial year of such ten-year period following
the filing of an original application; provided, however, that in any year
in which a change in level of assessment of 15% or more is certified for an
assessment roll pursuant to the rules of the State Board, the exemption shall
be recomputed to take into account the increase in assessed value due to the
change in level of assessment, notwithstanding the fact that the Assessor
receives the certification after the completion, verification and filing of
the final assessment roll. In the event that the Assessor does not have custody
of the roll when such certification is received, the Assessor shall certify
the recomputed exemption to the local officers having custody and control
of the roll, and such local officers are hereby directed and authorized to
enter the recomputed exemption certified by the Assessor on the roll. The
following table shall illustrate the computation of the tax exemption:
|
Year of Exemption
|
Percent of Exemption
| |
|---|---|---|
|
1
|
50
| |
|
2
|
45
| |
|
3
|
40
| |
|
4
|
35
| |
|
5
|
30
| |
|
6
|
25
| |
|
7
|
20
| |
|
8
|
15
| |
|
9
|
10
| |
|
10
|
5
|
C.
No exemption shall be granted unless:
(1)
Such construction, alteration, installation or improvement
was commenced subsequent to the effective date of this Article.
(2)
The cost of such construction, alteration, installation
or improvement exceeds the sum of $10,000.
(3)
Such construction, alteration, installation or improvement
is completed as may be evidenced by a certificate of occupancy or other appropriate
documentation as provided by the owner.
D.
For the purposes of this section, the terms "construction,"
"alteration," "installation" or "improvement" shall not include ordinary maintenance
and repairs.
E.
No exemption shall be granted concurrent with or subsequent
to any other real property tax exemption granted to the same improvements
to real property, except where, during the period of such previous exemption,
payments in lieu of taxes or other payments were made to the local government
in an amount that would have been equal to or greater than the amount of real
property taxes that would have been paid on such improvements had such property
been granted an exemption pursuant to this section. In such case, an exemption
shall be granted for a number of years equal to the ten-year exemption granted,
pursuant to this section, less the number of years the property would have
been previously exempt from real property taxes.
[Amended 4-13-1996 by L.L. No. 4-1996]
A.
Such exemption shall be granted only upon application
by the owner of such real property on a form prescribed by the State Board
and available from the Village Assessor. Such application shall be filed with
the Assessor of the village on or before January 1 of each year and within
one year from the date of completion of such construction, alteration, installation
or improvement. A copy of said application shall also be filed with the State
Board.
B.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this section, he shall approve the application and such real property shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the assessment roll prepared after the taxable status date referred to in § 124-5A of this Article. The assessed value of any exemption granted pursuant to this section 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.