§ 485-L — Residential property improvement; certain towns

* § 485-l. Residential property improvement; certain towns. 1.\nConstruction of improvements to residential real property initiated on\nor after the first day of January, two thousand seven in towns with a\npopulation of not less than one hundred thousand and not more than one\nhundred twenty-five thousand in counties with a population of not less\nthan nine hundred fifty thousand and not more than nine hundred\nseventy-five thousand may be exempt from county, city, town, village or\nschool district taxation as provided in this section.\n 2. (a)(i) Such real property shall be exempt for a period of one year\nto the extent of one hundred per centum of the increase in the assessed\nvalue thereof attributable to such construction and for an additional\nperiod of four years provided, however, that the extent of such\nexemption shall be decreased by twenty per centum each year during such\nadditional period of four years and such exemption shall be computed\nwith respect to the "exemption base." For purposes of this section, the\nexemption base shall be the increase in assessed value due to\nimprovements as determined by the assessor in the initial year of such\nfive year period following the filing of an original application.\n (ii) The following table illustrates the computation of the tax\nexemption:\n Year of Exemption Percentage of the Exemption\n 1 100\n 2 80\n 3 60\n 4 40\n 5 20\n (b) In addition to the criteria set out in subdivision one of this\nsection, no exemption shall be granted unless: (i) The value of the\nconstruction exceeds ten thousand dollars;\n (ii) The construction is documented by a building permit, if required\nfor such improvements, or other appropriate documentation as required by\nthe assessor; and\n (iii) Such construction takes place on a one or two-family residential\ndwelling where the assessor has previously reduced the assessment of the\ndwelling because of a decrease in value attributed by the assessor to\nphysical damage to the dwelling resulting from soil subsidence; and\n (iv) The extent of such repairs eligible for the exemption shall be\nlimited to such construction upon a one or two-family residential\ndwelling where the assessor has previously reduced the assessment of the\ndwelling because of a decrease in value attributed by the assessor to\nphysical damage to the dwelling resulting from soil subsidence.\n (c) For purposes of this section, "improvements" shall not include\nordinary maintenance and repairs.\n 3. Such exemption shall be granted upon application by the owner of\nsuch real property upon a form prescribed by the commissioner. The\napplication shall be filed with the assessor of the town on or before\nthe taxable status date for that town and within one year from the date\nof completion of the improvements.\n 4. If the assessor is satisfied that the applicant is entitled to the\nexemption pursuant to this section, the assessor shall approve the\napplication and the real property shall thereafter be exempt from\ntaxation and special ad valorem taxes by a town as provided by this\nsection commencing with the assessment roll prepared after the taxable\nstatus date referred to in subdivision three of this section. The\nassessed value of any exemption granted pursuant to this section shall\nbe entered by the assessor on the assessment roll with the taxable\nproperty, with the amount of the exemption shown in a separate column.\n 5. During the term of the exemption granted pursuant to this section\nif title to the real property granted an exemption pursuant to this\nsection is transferred or if the property ceases to be used for eligible\npurposes, the exemption granted pursuant to this section shall cease.\n 6. A town with a population of not less than one hundred thousand and\nnot more than one hundred twenty-five thousand in a county with a\npopulation of not less than nine hundred fifty thousand and not more\nthan nine hundred seventy-five thousand may, by local law, establish a\ndate for the commencement of effectiveness of the exemption offered\npursuant to this section. A copy of the local laws shall be filed with\nthe commissioner, the assessor of the town, the clerk of the town, and\nthe secretary of state.\n * NB There are 2 § 485-l's\n