[Adopted 1-14-2009 by L.L. No. 3-2009]
It is the intent of this article to grant the tax exemption authorized by Real Property Tax Law § 485-a granting a qualified owner an exemption for conversion of nonresidential real property to mixed-use property. Real property altered or rehabilitated subsequent to the effective date of this article shall be exempt from taxation as herein provided.
As authorized by Real Property Tax Law § 485-a, the Village of Albion does hereby provide that qualifying real property that was once nonresidential and is later converted to mixed-use property, partially nonresidential and partially residential shall be exempt from taxation levied by the Village of Albion on the increase in assessed value attributable to reconstructions, alterations or improvements to the extent provided hereinafter pursuant to the above-referenced § 485-a.
A. 
The length of the exemption shall be 12 years. The exemption shall be computed pursuant to the following schedule:
Years of Exemption
Percentage of Exemption Base Exempt from Tax
1 through 8
100%
9
80%
10
60%
11
40%
12
20%
B. 
The "exemption base" shall be determined for each year in which there is an increase in assessed value attributable from that of the previous year's assessed value.
A. 
No such exemption shall be granted unless:
(1) 
The conversion was commenced subsequent to the date on which this article took effect.
(2) 
The cost of the conversion exceeds the sum of $10,000 or such greater amount as may be specified by a Village local law.
B. 
The term "conversion" shall not include ordinary maintenance and repairs.
C. 
No such exemption shall be granted concurrent with or subsequent to any other real property tax exemption granted to the same improvement to real property, except where, during the period of such previous exemption, payments in lieu of taxes or other payments were made to the local government in an amount that would be equal to or greater than such improvements had such property been granted the exemption. In such case, an exemption shall be granted pursuant to this article equal to the 12 year exemption granted pursuant to this article less the number of years the property would have been previously exempt from real property taxes.
A. 
The Assessor shall grant the exemption only upon application of the owner of such real property on the form prescribed by the state board. The application shall be filed with the Assessor for the Village of Albion on or before the appropriate taxable status date of the Village.
B. 
If the Assessor approves the application for exemption, the real property shall thereafter be exempt from taxation as provided herein commencing with the assessment roll prepared after the taxable status date referred to in this article. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the assessment roll with the taxable property, with the amount of the exemption shown in a separate column.