[Adopted 5-3-1994 by L.L. No. 3-1994[1]]
[1]
Editor's Note: This local law also provided that it shall expire on March 1, 1997, except that the expiration date shall not have the effect of reducing or repealing an exemption granted pursuant to this article prior to March 1, 1996, until the expiration of the period for which the exemption was granted.
Residential buildings reconstructed, altered or improved subsequent to the effective date of this article for residential purposes shall be exempt from taxation and special ad valorem levies to the extent provided hereinafter. For the purpose of this article, a "residential building" shall mean any building or structure designed and occupied exclusively for residential purposes, by not more than two families.
Such buildings 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; provided, however, that the extent of such exemption shall be decreased by 12 1/2% of the initial exemption each year during such additional period; and 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 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 most recently established state equalization rate.
A. 
Such reconstruction, alteration or improvement must be commenced subsequent to the effective date of this article.
B. 
The value of such reconstruction, alteration or improvement must exceed $3,000.
C. 
For the purposes of this section, the terms "reconstruction," "alteration" and "improvements" shall not include ordinary maintenance and repairs. However, the value of the relocation or improvement of a septic system when such relocation or upgrade of a septic system is required as a condition of or as a precedent to obtaining a permit pursuant to other provisions of this Code may be considered.
D. 
The greater portion, as so determined by square footage, of the buildings reconstructed, altered or improved must be at least five years old.
E. 
The owner of such building must make application on the form prescribed by the State Board of Equalization and Assessment (State Board) or the Village of North Haven, whichever is available and used by the Village of North Haven on or before the taxable status date.
F. 
The owner of such building must make application on the form prescribed by the State Board on or before the taxable status date. A certificate of compliance or a certificate of occupancy issued in connection with the reconstruction, alteration or improvement must be submitted with the application.
G. 
If the assessor is satisfied that an applicant is entitled to an exemption under the provisions of this article, 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 next assessment roll. 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 the property exempt from taxation.
An exemption granted pursuant to this article shall cease in the event that a building granted an exemption ceases to be used primarily for residential purposes or in the event that title thereto is transferred to other than the heirs or distributees of the owner.