[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:
A.
The increase in assessed value resulting from construction
or reconstruction of such property; or
B.
Twenty percent of the total assessed value of such
property as improved; or
C.
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.
B.
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.
