[Adopted 2-13-2023 by L.L. No. 4-2023]
This article shall be known as the "Infrastructure Tax Exemption
Law." This article shall provide an exemption from certain real property
taxation on residential building lots of the value of the infrastructure
constructed in a residential subdivision that is intended to be dedicated
to the Town or one of its special districts.
As part of the approval process of residential subdivisions,
the Town (including its boards and departments) may require such subdivisions
to include infrastructure which is ultimately dedicated to the Town.
The additional value attributable to such infrastructure should be
exempt from taxation of the subdivision lots for three years or until
a certificate of occupancy is issued for a residence constructed on
a building lot in such subdivision (whichever is less), in order to
minimize the negative impact of the taxes on the affordability of
single-family and two-family residences in the Town.
As used herein, the following terms shall have the meaning indicated:
The following facilities which are intended to be dedicated
to the Town or a special district thereof: streets, storm and sanitary
sewers, drainage facilities, and any other facilities required by
the Town to be installed in a residential subdivision as noted on
the final plat plan for such residential subdivision.
A residential subdivision approved by the Town after the
effective date of this article and which has a final plat filed with
the Tompkins County Clerk's office after the effective date of this
article.
The division of any parcel of land into any number of residential building lots, plots or sites as defined in Town Code Chapter 234 (Subdivision of Land).
The date determined annually as required in New York Real
Property Tax Law § 302.
The Town Board hereby enacts this article to provide for an
infrastructure tax exemption pursuant to New York Real Property Tax
Law § 485-g.
A.
Residential building lots that are part of a plat for a new residential
subdivision which includes infrastructure intended to be dedicated
to the Town or a special district thereof shall be exempt from taxation
to the extent of the increased assessed value of such lots resulting
from the addition of such infrastructure. Such exemption shall be
granted until the issuance of a certificate of occupancy for a residence
constructed on a building lot in such subdivision or for three years
from the grant of the exemption (whichever is less). Such exemption
shall be the value of the infrastructure proportionately applied to
each of the lots in the subdivision. Upon issuance of said certificate
of occupancy but in no event longer than three years from the grant
of the exemption, the exemption shall lapse.
B.
To obtain an infrastructure exemption, an owner of real property
constituting a new residential subdivision must file an application
with the Tompkins County Department of Assessment on a form prescribed
by the New York State Department of Taxation and Finance. The application
shall be filed with the Tompkins County Department of Assessment on
or before the taxable status date, and not later than one year from
the date of completion of construction, installation or improvement
of the infrastructure within the new residential subdivision.
C.
Pursuant to New York Real Property Tax Law § 485-g, the
Tompkins County Assessment Department, upon review of the application
made by the owner and determination that such owner is entitled to
the exemption, shall approve such application, and such real property
shall thereafter be exempt from taxation as herein provided, commencing
with the assessment roll prepared after the taxable status date.
D.
Pursuant to New York Real Property Tax Law § 485-g, the
assessed value of any infrastructure exemption shall be entered by
the Tompkins County Assessment Department on the assessment roll with
the taxable property, with the amount of the exemption entered in
a separate column.
A copy of this article shall be filed with the New York State
Department of Taxation and Finance, which pursuant to New York Real
Property Tax Law § 201 has the powers, functions and duties
formerly granted to the Office of Real Property Services.
