[Adopted 2-10-1981 by L.L. No. 1-1981]
A.
Pursuant to § 485 of the Real Property Tax Law of the State
of New York, eligible business facilities, as defined in § 115
of the Commerce Law of the State of New York, which are located within
the Village of Wolcott shall be exempt from taxes imposed by or on
behalf of the Village of Wolcott for Village and part Village purposes
to the extent provided in § 485 of the Real Property Tax
Law, in accordance with the following schedule for exemption:
|
Percentage of Exemption
|
Year
| |
|---|---|---|
|
90%
|
First
| |
|
80%
|
Second
| |
|
70%
|
Third
| |
|
60%
|
Fourth
| |
|
50%
|
Fifth
| |
|
40%
|
Sixth
| |
|
30%
|
Seventh
| |
|
20%
|
Eighth
| |
|
10%
|
Ninth
|
B.
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 a certificate of eligibility issued by the aforesaid Job Incentive
Board, and the exemption shall be continued from year to year during
such 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 in § 120 of the Commerce Law of the
State of New York.
A.
Any business facility granted an exemption pursuant to § 485-b
of the Real Property Tax Law shall be ineligible for an exemption
pursuant to this article.
B.
In the event a business facility which has been granted an exemption
pursuant to this article is granted an exemption under § 485-b
of the Real Property Tax Law, the exemption granted pursuant to this
article shall cease.
If an exemption has once been granted for a business facility
under § 485 of the Real Property Tax Law 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has been revoked or modified, they shall redetermine the assessed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.
