[Adopted 9-25-1978 by L.L. No. 9-1978]
An exemption from taxation and special ad valorem levies for six years after the adoption hereof is hereby granted to eligible business facilities as defined in § 115 of the Commerce Law of the State of New York, located in this county, from taxes and special ad valorem levies imposed by or in behalf of the Town of Monroe for Town of Monroe purposes in the following amounts for the following years:
An eligible business facility as defined by the New York State Job Incentive Board, pursuant to §§ 115 and 120 of the Commerce Law of the State of New York, shall be exempt from taxes and special ad valorem levies imposed by the Town of Monroe for Town of Monroe purposes for any increase in the value thereof which is attributable to expenditures certified by the Job Incentive Board to have been paid or incurred by the owner or operator for capitable improvements commenced on or after the effective date of this article, consisting of the construction, reconstruction, erection or improvement of depreciable real property included in such facility, and such exemptions shall be continued from year to year during the specified 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 by § 120 of the Commerce Law.
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 the certificate of eligibility issued by the New York State Job Incentive Board. Such application shall be filed with the appropriate assessing authorities on or before the appropriate taxable status dates. Copies of such applications shall be filed simultaneously with the New York State Job Incentive Board and the State Board of Equalization and Assessment.
The Assessors shall consider the application for such exemption and, if the same is in order, shall determine the assessed value of such exemption in accordance with the above-mentioned certificate of eligibility, issued pursuant to § 120 of the Commerce Law of the State of New York, and shall enter such value on the exempt portion of the assessment roll. The eligible business facility shall then be exempt to the extent provided by this article from taxes and special ad valorem levies commencing with the assessment roll prepared on the next following taxable status date.
If an exemption has once been granted for a business facility under this section and the Assessors receive notice that a certificate of eligibility for 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 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 for each such year. Any such redetermination shall be made no later than three years after the applicant for exemption last received benefit of any exemption under said § 485 of the Real Property Tax Law.
[Amended 8-3-1982 by L.L. No. 2-1982]
For the purposes of § 485-b of the Real Property Tax Law, known as the "business investment exemption," such exemption shall, as of the taxable status date next following the effective date of this article be and hereby is reduced to 0%; however, such reduction shall not affect any such exemptions that have existed prior to the effective date of this article.
Editor's Note: This local law also provided that upon its effective date, it shall be retroactive to 9-25-1978.