§ 469 — Assessment exemption for living quarters for parent or grandparent

§ 469. Assessment exemption for living quarters for parent or\ngrandparent. 1. A county, city, town, village or school district acting\nthrough its local legislative body is hereby authorized and empowered to\nadopt and amend local laws, or resolutions in the case of school\ndistricts, to provide for an exemption from taxation to the extent of\nany increase in assessed value of residential property resulting from\nthe construction or reconstruction of such property for the purpose of\nproviding living quarters for a parent or grandparent, who is sixty-two\nyears of age or older. Such exemption shall not exceed (a) the increase\nin assessed value resulting from construction or reconstruction of such\nproperty, or (b) twenty percent of the total assessed value of such\nproperty as improved, or (c) twenty percent of the median sale price of\nresidential property as reported in the most recent sales statistical\nsummary published by the commissioner for the county in which the\nproperty is located, whichever is less.\n 2. No such exemption shall be granted unless:\n (a) The property is within the geographical area in which such\nconstruction or reconstruction is permitted; and\n (b) The residential property so constructed or reconstructed is the\nprincipal place of residence of the owner.\n 3. Such exemption shall be applicable only to construction or\nreconstruction which occurred subsequent to the effective date of this\nsection and shall only apply during taxable years during which at least\none such parent or grandparent maintains a primary place of residence in\nsuch living quarters.\n 4. Such exemption from taxation shall be granted upon an application\nmade annually, upon a form to be promulgated by the commissioner, by the\nowner of such property to the assessor of the city, town, village or\ncounty having the power to assess property for taxation on or before the\nappropriate taxable status date of such city, town, village or county.\nIf the assessor is satisfied that the property is entitled to an\nexemption pursuant to this section, he shall approve the application and\nsuch residential improvements shall be exempt from taxation and special\nad valorem levies as provided in this section.\n 5. For the purposes of this section, the term "parent or grandparent"\nshall be deemed to include the birth or adoptive grandparents and\nparents of the owner or the spouse of the owner.\n 6. Any conviction of having made any willful false statement in the\napplication for such exemption shall result in the revocation thereof,\nbe punishable by a civil penalty of not more than one hundred dollars\nand shall disqualify the applicant or applicants from further exemption\nfor a period of five years.\n