[Adopted 3-28-2016 by L.L. No. 3-2016]
Real property constructed, altered, installed or improved subsequent
to the first day of April, 2016, for the purpose of commercial, business
or industrial activity shall be exempt from taxation and special ad
valorem levies, except for special ad valorem levies for fire district
and fire alarm district purposes, to the extent hereinafter provided.
[1]
Editor's Note: See Real Property Tax Law § 485-b.
A.
Such real property shall be exempt for a period of one year to the extent of 50% of the increase in assessed value thereof attributable to such construction, alteration, installation or improvement and for an additional period of nine years; provided, however, that the extent of such exemption shall be decreased by 5% each year during such additional period of nine years and such exemption shall be computed with respect to the "exemption base." The exemption base shall be the increase in assessed value as determined in the initial year of such ten-year period following the filing of an original application, except as provided in Subsection B of this section.
B.
In any year in which a change in level of assessment of 15% or more
is certified for a final assessment roll pursuant to the rules of
the Commissioner of Finance and Taxation, the exemption bases shall
be multiplied by a fraction, the numerator of which shall be the total
assessed value of the parcel on such final assessment roll (after
accounting for any physical or quantity changes to the parcel since
the immediately preceding assessment roll), and the denominator of
which shall be the total assessment value of the parcel of the immediately
preceding final assessment roll. The result shall be the new exemption
base. The exemption shall thereupon be recomputed to take into account
the new exemption base, notwithstanding the fact that the Assessor
receives the certification of the change in level of assessment after
the completion, verification and filing of the final assessment roll.
In the event the Assessor does not have custody of the roll when such
certification is received, the Assessor shall certify the recomputed
exemption to the local officers having custody and control of the
roll, and such local officers are hereby directed and authorized to
enter the recomputed exemption certified by the Assessor on the roll.
The Assessor shall give written notice of such recomputed exemption
to the property owner, who may, if he or she believes that the exemption
was recomputed incorrectly, apply for a correction in the manner provided
by the New York Real Property Tax Law for the correction of clerical
errors.
C.
The following table shall illustrate the computation of the tax exemption:
|
Year of Exemption
|
Percentage of exemption
| |
|---|---|---|
|
1
|
50%
| |
|
2
|
45%
| |
|
3
|
40%
| |
|
4
|
35%
| |
|
5
|
30%
| |
|
6
|
25%
| |
|
7
|
20%
| |
|
8
|
15%
| |
|
9
|
10%
| |
|
10
|
5%
|
No such exemption shall be granted unless:
A.
Such construction, alteration, installation or improvement was commenced
subsequent to the first day of April, 2016;
B.
The cost of such construction, alteration, installation or improvement
exceeds the sum of $10,000; and
C.
Such construction, alteration, installation or improvement is completed,
as may be evidenced by a certificate of occupancy or other appropriate
documentation as provided by the owner.
For purposes of this article, the terms "construction," "alteration,"
"installation" and "improvement" shall not include ordinary maintenance
and repairs.
No such exemption shall be granted concurrent with or subsequent
to any other real property tax exemption granted to the same improvements
to real property, except where, during the period of such previous
exemption, payments in lieu of taxes or other payments were made to
the local government in an amount that would have been equal to or
greater than the amount of real property taxes that would have been
paid on such improvements had such property been granted an exemption
pursuant to this article. In such case, an exemption shall be granted
for a number of years equal to the ten-year exemption granted pursuant
to this article less the number of years the property would have been
previously exempt from real property taxes.
Such exemption shall be granted only upon application by the
owner of such real property on a form prescribed by the Commissioner.
Such application shall be filed with the Assessor of the town on or
before the appropriate taxable status date of the town and within
one year from the date of completion of such construction, alteration,
installation or improvement.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, he or she shall approve the application and such real property shall thereafter be exempt from taxation and special ad valorem levies, except for special ad valorem levies for fire district, fire protection district and fire alarm district purposes, as herein provided, commencing with the assessment roll prepared after the taxable status date referred to in § 250-39. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the assessment roll with the taxable property, with the amount of the exemption shown in a separate column.
The provisions of this article shall apply to real property
used primarily for the buying, selling, storing or developing of goods
or services, the manufacture or assembly of goods or the processing
of raw materials. This article shall not apply to property used primarily
for the furnishing of dwelling space or accommodations to either residents
or transients, other than hotels or motels.
In the event that real property granted an exemption pursuant
to this article ceases to be used primarily for eligible purposes,
the exemption granted pursuant to this article shall cease.
