[Adopted 3-25-2005 by L.L. No. 1-2005]
The purpose of this article is to provide for
an exemption from the increase in value to residential property for
the construction or reconstruction of living quarters for a parent
or grandparent who is at least 62 years of age, as authorized by § 469
of the Real Property Tax Law.
An improvement to any real property used solely
for residential purposes as a one-, two- or three-family residence
shall be exempt from taxation to the extent of any increase in value
attributable to such improvement if such improvement is for the construction
or reconstruction of living quarters for a parent or grandparent under
the following conditions:
A.
The property must be the owner's principal residence;
B.
The property must be within a geographic area in which
such construction is permitted;
C.
The property must be used as a primary residence of
at least one parent or grandparent;
D.
The construction or reconstruction must have occurred
after January 1, 2001;
E.
The exemption, which applies to taxes and special
ad valorem levies, is limited to the lessor of:
The exemption may continue so long as the parent
or grandparent maintains the living quarters as their primary place
of residence, and shall end with the cessation of use as the primary
place of residence by the parent or grandparent.
This article shall become effective immediately
upon filing in the office of the Secretary of State; however, will
not be retroactive in nature, and will apply only to future tax rolls.
An application must be filed annually in the Town Assessor's office
on or before March 1 of each year.
