[Adopted 12-5-1978 by L.L. No. 1-1978]
An exemption from taxation and special ad valorem
levies for six years after the adoption hereof is hereby granted to
"eligible business facilities" as defined in § 115 of the
Commerce Law of the State of New York, located in the Village of Montgomery
from taxes and special ad valorem levies imposed by or in behalf of
Village of Montgomery in the following amount for the following years:
|
Year
|
Percent of Exemption
|
|---|---|
|
1
|
100
|
|
2
|
100
|
|
3
|
100
|
|
4
|
80
|
|
5
|
50
|
|
6
|
20
|
An "eligible business facility" as defined by
the New York State Job Incentive Board pursuant to § 115
and 110 of the Commerce Law of the State of New York, shall be exempt
from taxes and special ad valorem levies imposed by Village of Montgomery
for an increase in the value thereof which is attributable to expenditures
certified by the Job Incentive Board to have been paid or incurred
by the owner or operator for capital improvements commenced on or
after the effective date of this article, consisting of the construction,
reconstruction, erection or improvement of depreciable real property
included in such facility and such exemptions shall be continued from
year to year during the specified period only. If the certificate
of eligibility with respect to such business facility is not revoked
or modified and is renewed or extended as provided by § 120
of the Commerce Law.
Such exemption shall be granted only upon an
application by the owner or operator of such facility on a form prescribed
by the New York State Job Incentive Board, to which there shall be
attached a copy of the certificate of eligibility issued by the New
York State Job Incentive Board. Such application shall be filed with
the appropriate assessing authorities on or before the appropriate
taxable-status dates. Copies of such applications shall be filed simultaneously
with the New York State Job Incentive Board and the State Board of
Equalization and Assessment.
The Assessors shall consider the application
for such exemption, and if the same is in order shall determine the
assessed value of such exemption in accordance with the above-mentioned
Certificate of Eligibility, issued pursuant to § 120 of
the Commerce Law of the State of New York, and enter such value on
the "exempt" portion of the assessment roll. The eligible business
facility shall then be exempt to the extent provided by this article
from taxes and special ad valorem levies commencing with the assessment
roll prepared on the next following taxable status date.
If an exemption has once been granted for a
business facility under this section and the assessors receive notice
that a certificate of eligibility of such facility has been revoked
or modified, they shall redetermine the assessed value of any such
exemption in accordance with such revocation or modification. If upon
such redetermination it appears for a year for which an exemption
has been granted that such facility has been ineligible or that the
assessed value of such exemption as redetermined is less than the
assessed value of such exemption as shown on the assessment rolls
for such year, then a tax shall be levied at the rate of tax for such
year upon so much of the assessed valuation of such exemption, as
shown on such assessment rolls, as may be ineligible or excessive.
Such tax shall be levied as an omitted assessment in the manner provided
in § 550 of the Real Property Tax Law for each such year.
Any such redetermination shall be made no later than three years after
the applicant for exemption last received benefit of any exemption
under said § 485 of the Real Property Tax Law.
