* § 421-p. Exemption of capital improvements to residential new\nconstruction involving the creation of accessory dwelling units. 1.\nResidential buildings reconstructed, altered, improved, or newly\nconstructed in order to create one or more additional residential\ndwelling units on the same parcel as a pre-existing residential building\nto provide independent living facilities for one or more persons\nsubsequent to the effective date of a local law or resolution enacted\npursuant to this section shall be exempt from taxation and special ad\nvalorem levies to the extent provided hereinafter. After a public\nhearing, the governing board of a county, city, town or village may\nadopt a local law and a school district, other than a school district\nsubject to article fifty-two of the education law, may adopt a\nresolution to grant the exemption authorized pursuant to this section. A\ncopy of such local law or resolution shall be filed with the\ncommissioner and the assessor of such county, city, town or village who\nprepares the assessment roll on which the taxes of such county, city,\ntown, village or school district are levied.\n 2. (a) Such buildings shall be exempt for a period of five years to\nthe extent of one hundred per centum of the increase in assessed value\nthereof attributable to such reconstruction, alteration, improvement, or\nnew construction for such additional residential unit or units that\nprovide independent living facilities for one or more persons, and for\nan additional period of five years subject to the following:\n (i) The extent of such exemption shall be decreased by twenty-five per\ncentum of the "exemption base" for each of the first three years during\nsuch additional period and shall be decreased by a further ten per\ncentum of the "exemption base" during each of the final two years of\nsuch additional period. The exemption shall expire at the end of the\nextended period. The "exemption base" shall be the increase in assessed\nvalue as determined in the initial year of the term of the exemption,\nexcept 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 such property owner 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 two hundred thousand dollars\nin increased market value of the property attributable to such\nreconstruction, alteration, improvement, or new construction and any\nincrease in market value greater than such amount shall not be eligible\nfor the exemption pursuant to th
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