[Added 2-23-2012 by L.L. No. 1-2012]
The Village Board of Trustees recognizes the public benefit associated with mixed-use residential/commercial structures in the appropriately zoned areas of the Village.
Real Property Tax Law § 485-a authorizes local municipalities to create an exemption from taxation for certain mixed-use improvements to real property within such municipalities as an incentive to property owners to make such improvements.
Improvements to real property which are eligible for the exemption herein authorized must meet the following conditions:
A. 
The improvements must commence subsequent to the effective date of this article.
B. 
The improvements must exceed $10,000 in total cost.
C. 
The improvements must be made to nonresidential property (prior to the improvements) and must change the use of the property to a mixed use, that is, a combination of residential and nonresidential use.
D. 
The improvements may not benefit from any other real property tax exemption.
E. 
The property must be current with its tax obligations.
A. 
An eligible project must be proposed to the Village Assessor prior to its commencement. Upon receipt of such a proposal, the Village Assessor shall calculate the "exemption base" for the current year. Applications for such exemption must be made prior to the Village's taxable status date.
B. 
The exemption base is the current assessed valuation. The amount of the exemption is equal to the value of the qualified improvements completed in each subsequent taxing year. The exemption base shall be recalculated each year by the Assessor without regard to the completed qualified improvements.
C. 
The amount of the qualified exemption shall be as follows:
Year of Exemption
Percentage of Completed Improvements Exempted
1 through 8
100%
9
80%
10
60%
11
40%
12
20%
13
0%
The requirement of § 210-44D above does not apply when, during the period of a previous exemption, payments in lieu of taxes or other payments made to the Village are equal to or greater than the taxes that would have been payable for the same period if the property had received the RPTL § 485-a exemption. In that situation, the RPTL § 485-a exemption is to be granted for 12 years, less the number of years that the above-described payments were made.