§ 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 increa
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