Village of Wolcott, NY
Wayne County
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[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of the Real Property Tax Law and the assessors receive notice that a certificate of eligibility of such facility has been revoked or modified, they shall redetermine the assessed value of any such exemption in accordance with such revocation or modification.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.