[Adopted 11-27-1984 by L.L. No. 21-1984]
For the purposes of this article, the following
terms shall have the meanings indicated:
A housing development, as defined in § 42 of the Private Housing Finance Law of the State of New York, subject to a mortgage, the loan for which was made or financed by notes, bonds or other obligations of the New York State Housing Finance Agency, the interest on which is exempt from taxation pursuant to the Internal Revenue Code of 1954, as amended.
Any new or rehabilitated housing development
shall be exempt from taxation as provided herein. This exemption shall
apply only to housing developments constructed or rehabilitated after
the effective date of this article.
A.
A housing development shall be exempt from all taxes
imposed by the Town to the extent provided in this subsection:
Period of Exemption
|
Percent of Exemption
| ||
---|---|---|---|
During construction or rehabilitation
|
100%
| ||
First 3 years after completion
|
100%
| ||
Year 4 to year 6
|
80%
| ||
Year 7 to year 9
|
60%
| ||
Year 10 to year 12
|
40%
| ||
Year 13 to year 15
|
20%
| ||
After year 15
|
0%
|
B.
A housing development shall be deemed complete upon
the issuance of a certificate of occupancy for said development. The
fifteen-year exemption period shall begin in the year after the taxable
status date following the issuance of a certificate of occupancy.
C.
Assessments for local improvements, such as special
districts or street improvements, shall not be subject to the exemption
granted by this article.
D.
That portion of an assessment of a housing development
which represents the assessment on said land and improvements thereon
during the tax year preceding the commencement of construction or
rehabilitation shall not be subject to the exemption granted by this
article.
E.
A housing development shall not be eligible for any
other exemption provided under any other law concurrent with the exemption
provided under this article.
F.
A housing development shall be eligible for an exemption under this article as long as it is subject to a mortgage as described in § 298-7 of this article.
G.
A housing development shall be eligible for an exemption
under this article as long as said development is utilized for residential
purposes.