[Adopted 2-20-2001 by L.L. No. 4-2001]
The purpose of this article is to provide for a property tax exemption 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 age 62 or older.
Such exemption shall not exceed:
The increase in assessed value resulting from construction or reconstruction of such property; or
Twenty percent of the total assessed value of such property as improved; or
Twenty percent 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.
Such exemption shall be applicable only to construction or reconstruction which occurred subsequent to the effective date of this section and shall only apply during taxable years during which at least one such parent or grandparent maintains a primary place of residence in such living quarters.
Such exemption from taxation shall be granted upon an application made annually, upon a form to be promulgated by the state board, by the owner of such property to the assessor of the city, Town, village or county having the power to assess property for taxation on or before the appropriate taxable status date of such city, Town, village or county. If the assessor is satisfied that the property is entitled to an exemption pursuant to this article, he shall approve the application and such residential improvements shall be exempt from taxation and special ad valorem levies as provided in this section.
For the purpose of this article, the term "parent or grandparent" shall be deemed to include the natural or adopted grandparents and parents of the owner or the spouse of the owner.
Any conviction of having made any willful false statement in the application for such exemption shall result in the revocation thereof, be punishable by a civil penalty of not more than $100 and shall disqualify the applicant or applicants from further exemption for a period of five years.