[Adopted 11-28-2006 by L.L. No. 1-2007, effective 1-1-2007]
Multiple-dwelling buildings that arc reconstructed,
altered, improved and/or converted to an owner-occupied single-family
dwelling or any owner-occupied multiple dwelling that is reduced to
at most two units by such reconstruction shall be exempt from taxation
levied by the City of Cohoes on the increase in assessed value attributable
to such conversion to the extent provided hereinafter, pursuant to
§ 421-j of the New York State Real Property Tax Law. For
the purposes of this article, an owner-occupied multiple-dwelling
building shall mean any building or structure designed and occupied
as the temporary or permanent residence or home of two or more families,
including the owner of such building. The length of said exemption
shall be eight years. Such exemption shall be computed in accordance
with the following table:
|
Year of Exemption
|
Percentage of "Exemption Base" Exempt
From Tax
|
|---|---|
|
1
|
100%
|
|
2
|
87.5%
|
|
3
|
75%
|
|
4
|
62.5%
|
|
5
|
50%
|
|
6
|
37.5%
|
|
7
|
25%
|
|
8
|
12.5%
|
Except as defined in this article, all terms
shall have the meanings set forth in § 421-j of the New
York State Real Property Tax Law.
A.
The "exemption base" shall be the increase in assessed value as determined in the initial year of the term of the exemption, except as provided in Subsection B of this section.
B.
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 (ORPS), 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 re-computed to take into account
the new exemption base, notwithstanding the fact that the Assessor
receives certification of the change in level of 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 re-computed
exemption to the public officers having custody and control of the
roll, and such officers are 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 in the manner provided by Article 5 of the
New York State Real Property Tax Law for the correction of clerical
errors.
C.
The exemption shall be limited to a maximum of $100,000
in increased market value of the property attributable to such reconstruction,
alteration, or improvement and any increase in market value greater
than $100,000 shall not be eligible for an exemption pursuant to this
article. The market value of such 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 or special equalization rate for
the City of Cohoes, unless such rate is 95% or more, in which case
the increase in assessed value attributable to such reconstruction,
alteration, or improvement is to be considered equal to the market
value of such reconstruction, alteration, or improvement.
No exemption pursuant to this article shall
be granted unless:
A.
Such reconstruction, alteration, or conversion was
commenced subsequent to January 1, 2007.
B.
The value of such reconstruction, alteration, or conversion
exceeds $5,000.
C.
The reconstruction, alteration, or converted improvement
is not ordinary maintenance or repairs.
D.
The greater portion, as so determined by square footage,
of the building reconstructed, altered, or improved is at least five
years old.
Any exemption pursuant to this article shall
be granted only upon application by the owner thereof on the form
prescribed by the state board. The application shall be filed with
the Assessor of the City of Cohoes on or before the taxable status
date of March 1 to be eligible for an exemption to be entered on the
assessment roll prepared on the basis of said taxable status date.
A.
In the event that a building granted an exemption
pursuant to this article ceases to be used primarily for owner-occupied
residential purposes or title thereto is transferred to other than
the heirs or distributees of the owner, the exemption granted pursuant
to this article shall cease.
B.
Upon determining that an exemption granted pursuant
to this article should be discontinued, the Assessor shall mail a
notice so stating to the owner or owners thereof at the time and in
the manner provided by § 510 of the NYS Real Property Tax
Law. Such owner or owners shall be entitled to seek administrative
and judicial review of such action in the manner provided by law,
provided that the burden shall be on such owner or owners to establish
eligibility for the exemption.
