* § 421-o. Exemption of capital improvements to multiple dwelling\nbuildings within certain cities. 1. Multiple dwelling buildings,\nreconstructed, altered, converted back to an owner occupied single\nfamily dwelling located in any city having a population of more than\neight thousand inhabitants but fewer than nine thousand inhabitants,\nthat is located in a county having a population of more than\nninety-seven thousand inhabitants but fewer than ninety-nine thousand\ninhabitants, determined in accordance with the latest federal decennial\ncensus, that are reconstructed, altered or improved subsequent to the\neffective date of a local law or resolution pursuant to this section\nshall be exempt from taxation and special ad valorem levies to the\nextent provided hereinafter. After a public hearing, the governing board\nof such city may adopt a local law to grant the exemption authorized\npursuant to this section. A copy of such local law shall be filed with\nthe commissioner and the assessor of such city who prepares the\nassessment roll on which the taxes of such city are levied.\n 2. (a) Such buildings within such city shall be exempt for a period of\none year to the extent of one hundred percent of the increase in\nassessed value attributable to such reconstruction, alteration or\nimprovement and for an additional period of eleven years subject to the\nfollowing:\n (i) The extent of such exemption shall be decreased by eight and\none-third percent of the "exemption base" each year during such\nadditional period. The "exemption base" shall be the increase in\nassessed value as determined in the initial year of the term of the\nexemption, except as provided in subparagraph (ii) of this paragraph.\n (ii) In any year in which a change in level of assessment of fifteen\npercent or more is certified for a final assessment roll pursuant to the\nrules of the commissioner, the exemption base shall be multiplied by a\nfraction, the numerator of which shall be the total assessed value of\nthe parcel on such final assessment roll (after accounting for any\nphysical or quantity changes to the parcel since the immediately\npreceding assessment roll), and the denominator of which shall be the\ntotal assessed value of the parcel on the immediately preceding final\nassessment roll. The result shall be the new exemption base. The\nexemption shall thereupon be recomputed to take into account the new\nexemption base, notwithstanding the fact that the assessor receives\ncertification of the change in level of assessment after the completion,\nverification and filing of the final assessment roll. In the event the\nassessor does not have custody of the roll when such certification is\nreceived, the assessor shall certify the recomputed exemption to the\nlocal officers having custody and control of the roll, and such local\nofficers are hereby directed and authorized to enter the recomputed\nexemption certified by the assessor on the roll. The assessor shall give\nwritten notice of such recomputed exemption to the property owner, who\nmay, if he or she believes that the exemption was recomputed\nincorrectly, apply for a correction in the manner provided by title\nthree of article five of this chapter for the correction of clerical\nerrors.\n (iii) Such exemption shall be limited to one hundred thousand dollars\nin increased market value, or such other sum less than one hundred\nthousand dollars, but not less than ten thousand dollars as may be\nprovided by the local law or resolution, of the property attributable to\nsuch reconstruction, alteration or improvement and any increase in\nmarket value greater than such amount shall not be eligible for the\nexemption pursuant to this section. For the purposes of this section,\nthe market value of the reconstruction, alteration or improvement shall\nbe equal to the increased assessed value attributable to such\nreconstruction, alteration or improvement divided by the most recently\nestablished state e
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