Source: https://ecode360.com/10921753
Timestamp: 2018-09-19 13:00:52
Document Index: 459418460

Matched Legal Cases: ['§ 97', '§ 97', '§ 97', '§ 97', '§ 97', '§ 97', '§ 97', '§ 97', '§ 97', '§ 421']

Town of Potsdam, NY Exemptions for Improvements to One- and Two-Family Houses
Ch 97 Art V Exemptions for Improvements to One- and Two-Family Houses
§ 97-12 Eligibility established; limit.
§ 97-13 Intent.
§ 97-14 Exemption granted; definition.
§ 97-15 Amount of exemption; term.
§ 97-16 Requirements for obtaining exemption.
§ 97-17 Cessation of exemption.
§ 97-18 Severability.
§ 97-19 Copy to be filed.
§ 97-20 When effective.
Chapter 97 TAXATION
Article V: Exemptions for Improvements to One- and Two-Family Houses
[Adopted 6-11-2001 by L.L. No. 6-2001]
Eligibility established; limit.
Exemption granted; definition.
Amount of exemption; term.
Requirements for obtaining exemption.
Copy to be filed.
Chapter 97: TAXATION Article V Exemptions for Improvements to One- and Two-Family Houses
In accordance with § 421-f of the New York State Real Property Tax Law, improvements to one- and two-family houses resulting in changes in the assessed valuation of at least $3,000 shall be, upon application, eligible for an exemption of Town of Potsdam property taxes per the terms of this article, such abatement not to exceed $50,000.
The intent of this article is to encourage property owners to make improvements to one- and two-family houses to improve the quality of housing in the community and to preserve and expand the tax base of the Town of Potsdam.
The improvements to residential buildings reconstructed, altered or improved subsequent to the effective date of this article for residential purposes shall be exempt from taxation to the extent provided hereinafter. For the purposes of the article, a "residential building" shall mean any building or structure designed and occupied exclusively for residential purposes by not more than two families.
The improvements to such buildings shall be exempt for a period of one year to the extent of 100% of the increase in assessed value thereof attributable to such reconstruction, alteration or improvement and for an additional period of seven years; provided, however, that the extent of such exemption shall be decreased by 12 1/2% of the initial exemption each year during such additional period; and provided, further, that such exemption shall be limited to $50,000 in increased market value of the property attributable to such reconstruction, alteration or improvement, and any increase in market value greater than such amount shall not be eligible for the exemption pursuant to this section. For the purposes of this section, the market value of the 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.
The requirements for obtaining exemption are as follows:
The value of such reconstruction, alteration or improvement must exceed $3,000. The maximum exemption permitted under this article is $50,000. For the purpose of this section, the terms "reconstruction," "alteration" and "improvements" shall not include ordinary maintenance and repairs. However, the value of the relocation or improvement of a septic system when such relocation or upgrade of a septic system is required as a condition of or as a precedent to obtaining a permit pursuant to other provisions of this Code may be considered. Swimming pools shall not be considered to constitute an alteration or improvement for the purpose of this article.
If any section or subsection, paragraph, clause, phrase or provision of this article shall be adjudged invalid or held unconstitutional by any court of competent jurisdiction, such adjudication shall not affect the validity of this law as a whole or any part thereof other than the part or provision so adjudged to be invalid or unconstitutional.
The Town Clerk is hereby instructed to file a certified copy of this article with the State Board of Equalization and Assessment.
This article shall take effect upon filing with the Secretary of State pursuant to the Municipal Home Rule Law. However, the implementation of this article will not go into effect until after the next taxable status date, and the establishment of the property tax roll.