§ 421-FF — Exemption of capital improvements to residential buildings in cities with a population between twenty-seven thousand five hundred and twe...

§ 421-ff. Exemption of capital improvements to residential buildings\nin cities with a population between twenty-seven thousand five hundred\nand twenty-eight thousand based upon the two thousand ten federal\ncensus. 1. Residential buildings which have been reconstructed, altered\nor improved subsequent to the effective date of a local law pursuant to\nthis section shall be exempt from taxation and special ad valorem levies\nto the extent provided hereinafter in cities with a population between\ntwenty-seven thousand five hundred and twenty-eight thousand based upon\nthe two thousand ten federal census. For purposes of this section,\n"reconstruction", "alteration" or "improvement" shall not include\nordinary maintenance and repairs. After a public hearing, the governing\nboard of a city with such a population may adopt a local law to grant\nthe exemption authorized pursuant to this section. A copy of such local\nlaw shall be filed with the commissioner and the assessor of such city\nwho prepares the assessment roll on which the taxes of such city are\nlevied.\n 2. Such buildings shall be exempt for a period of two years to the\nextent of one hundred per centum of the increase in assessed value\nthereof attributable to such reconstruction, alterations or improvements\nand for an additional period of four years subject to the following:\n (a) The extent of such exemption shall be decreased by twenty per\ncentum of the "exemption base" each year during such additional\nfour-year period, such that during year three there shall be an\nexemption of eighty per centum of the increase in assessed value thereof\nattributable, during year four there shall be an exemption of sixty per\ncentum of the increase in assessed value thereof attributable, in year\nfive there shall be an exemption of forty per centum of the increase in\nassessed value thereof attributable and in year six there shall be an\nexemption of twenty per centum of the increase in assessed value thereof\nattributable; and\n (b) The "exemption base" shall be the increase in assessed value due\nto improvements as determined by the assessor in the initial year of\nsuch six-year period following the filing of an original application.\n 3. There shall be enhanced benefits for improvement to real property\nmeeting certification standards for green buildings. Such residential\nreal property that has been reconstructed, altered or improved that is\ncertified under a certification standard approved by the city which is\ndetermined to be equivalent to the leadership in energy and\nenvironmental design (LEED) certification for the categories of\ncertified/silver, gold or platinum as meeting green building standards\nshall be exempt for the following percentages, provided that a copy of\nthe certification for a qualified category is filed with the assessor of\nsuch city and the assessor approves the application for the applicable\ncategory as meeting the requirements of this section and the local law\nof such city:\n (a) Certified/silver certification standard. Such buildings shall be\nexempt for a period of three years to the extent of one hundred per\ncentum of the increase in assessed value thereof attributable to such\nreconstruction, alteration or improvement and for an additional period\nof four years. The extent of such exemption shall be decreased by twenty\nper centum of the "exemption base" each year during such additional\nfour-year period such that during year four there shall be an exemption\nof eighty per centum of the increase in assessed value thereof\nattributable, during year five there shall be an exemption of sixty per\ncentum of the increase in assessed value thereof attributable, in year\nsix there shall be an exemption of forty per centum of the increase in\nassessed value thereof attributable and in year seven there shall be an\nexemption of twenty per centum of the increase in assessed value thereof\nattributable. The "exemption base" shall be the increase in assessed\nvalue due to improvements as determined by the assessor in the initial\nyear of such seven-year period following the filing of an original\napplication;\n (b) Gold standard. Such buildings shall be exempt for a period of four\nyears to the extent of one hundred per centum of the increase in\nassessed value thereof attributable to such reconstruction, alteration\nor improvement and for an additional period of four years. The extent of\nsuch exemption shall be decreased by twenty per centum of the "exemption\nbase" each year during such additional four-year period such that during\nyear five there shall be an exemption of eighty per centum of the\nincrease in assessed value thereof attributable, during year six there\nshall be an exemption of sixty per centum of the increase in assessed\nvalue thereof attributable, in year seven there shall be an exemption of\nforty per centum of the increase in assessed value thereof attributable\nand in year eight there shall be an exemption of twenty per centum of\nthe increase in assessed value thereof attributable. The "exemption\nbase" shall be the increase in assessed value due to improvements as\ndetermined by the assessor in the initial year of such eight-year period\nfollowing the filing of an original application; or\n (c) Platinum standard. Such buildings shall be exempt for a period of\nsix years to the extent of one hundred per centum of the increase in\nassessed value thereof attributable to such reconstruction, alteration\nor improvement and for an additional period of four years. The extent of\nsuch exemption shall be decreased by twenty per centum of the "exemption\nbase" each year during such additional four-year period such that during\nyear seven there shall be an exemption of eighty per centum of the\nincrease in assessed value thereof attributable, during year eight there\nshall be an exemption of sixty per centum of the increase in assessed\nvalue thereof attributable, in year nine there shall be an exemption of\nforty per centum of the increase in assessed value thereof attributable\nand in year ten there shall be an exemption of twenty per centum of the\nincrease in assessed value thereof attributable. The "exemption base"\nshall be the increase in assessed value due to improvements as\ndetermined by the assessor in the initial year of such ten-year period\nfollowing the filing of an original application.\n 4. Exemptions granted pursuant to this section shall apply to real\nproperty taxes imposed for city purposes.\n 5. No such exemption shall be granted unless:\n (a) Such reconstruction, alteration or improvement was commenced\nsubsequent to the effective date of the local law or resolution adopted\npursuant to subdivision one of this section;\n (b) The value of such reconstruction, alteration or improvement\nexceeds the sum of seventy-five hundred dollars; and\n (c) Such reconstruction, alteration or improvement is documented by a\nbuilding permit, if required, for the improvements or other appropriate\ndocumentation as required by the city assessor.\n 6. Such exemption shall be granted only upon application by the owner\nof such building on a form prescribed by the commissioner. Such\napplication shall be filed with the assessor of a city with a population\nof not less than twenty-seven thousand five hundred and not more than\ntwenty-eight thousand on or before the appropriate taxable status date\nof such city and within one year after the date of completion of such\nreconstruction, alteration or improvement.\n 7. If satisfied that the applicant is entitled to an exemption\npursuant to this section, the city assessor shall approve the\napplication and such building shall thereafter be exempt from taxation\nand special ad valorem levies by the city as provided in this section\ncommencing with the assessment roll prepared on the basis of the taxable\nstatus date referred to in subdivision six of this section. The assessor\nshall enter the assessed value of any exemption granted pursuant to this\nsection on the assessment roll for the taxable property, with the amount\nof the exemption shown in a separate column. In any case where there is\nan enhanced exemption benefit based on a certification of\ncertified/silver, gold or platinum LEED standards in accordance with\napplicable certification standards approved by the city, a copy of such\ncertification shall be filed in the subject real property file.\n 8. In the event that real property granted an exemption pursuant to\nthis section ceases to be used primarily for residential purposes, the\nexemption granted pursuant to this section shall cease.\n