§ 469. Assessment exemption for living quarters for parent or
grandparent. 1. A county, city, town, village or school district acting
through its local legislative body is hereby authorized and empowered to
adopt and amend local laws, or resolutions in the case of school
districts, to provide for an exemption from taxation to the extent of
any increase in assessed value of residential property resulting from
the construction or reconstruction of such property for the purpose of
providing living quarters for a parent or grandparent, who is sixty-two
years of age or older. Such exemption shall not exceed (a) the increase
in assessed value resulting from construction or reconstruction of such
property, or (b) twenty percent of the total assessed value of such
property as improved, or (c) twenty percent of the median sale price of
residential property as reported in the most recent sales statistical
summary published by the commissioner for the county in which the
property is located, whichever is less.

2. No such exemption shall be granted unless:

(a) The property is within the geographical area in which such
construction or reconstruction is permitted; and

(b) The residential property so constructed or reconstructed is the
principal place of residence of the owner.

3. Such exemption shall be applicable only to construction or
reconstruction which occurred subsequent to the effective date of this
section and shall only apply during taxable years during which at least
one such parent or grandparent maintains a primary place of residence in
such living quarters.

4. Such exemption from taxation shall be granted upon an application
made annually, upon a form to be promulgated by the commissioner, by the
owner of such property to the assessor of the city, town, village or
county having the power to assess property for taxation on or before the
appropriate taxable status date of such city, town, village or county.
If the assessor is satisfied that the property is entitled to an
exemption pursuant to this section, he shall approve the application and
such residential improvements shall be exempt from taxation and special
ad valorem levies as provided in this section.

5. For the purposes of this section, the term "parent or grandparent"
shall be deemed to include the birth or adoptive grandparents and
parents of the owner or the spouse of the owner.

6. Any conviction of having made any willful false statement in the
application for such exemption shall result in the revocation thereof,
be punishable by a civil penalty of not more than one hundred dollars
and shall disqualify the applicant or applicants from further exemption
for a period of five years.