[Adopted 2-22-1999 by L.L. No. 1-1999 (Ch. 72, Art. VI, of
the 1983 Code)]
Residential building lots which are part of a subdivision plat
for residential development which includes infrastructure intended
to be dedicated to a municipal corporation or a special district within
the Town of Kingsbury in accordance with the provisions of Real Property
Tax Law § 485-g shall be exempt from taxation to the extent
of the increased assessed value of such lots resulting from the addition
of such infrastructure for a period until the issuance of a certificate
of occupancy, but in no event longer than three years from granting
of the exemption herein, which certifies that a residence is constructed
on a building lot in such subdivision.
For purposes of this article, infrastructure shall be comprised
of the following public facilities which are intended to be dedicated
to a municipal corporation or a special district thereof:
Such exemption shall be granted only upon application by the
owner of the real property on a form prescribed and made available
by the New York State Office of Real Property Services. The applicant
shall file the information as required by the New York State Office
of Real Property Services. The application shall be filed on or before
the appropriate taxable status date of such assessing unit and not
later than one year from the date of completion of such construction,
installation or improvement. On approved subdivision lots in which
such infrastructure has been completed as of the effective date of
this article, provided that the exemption under this section shall
be applicable, and for which a certificate of occupancy has not been
issued, application shall be made within one year from the effective
date of this article.
