[Adopted 10-15-1984 by L.L. No. 8-1984]
The purpose of this article is to provide an
exemption from real property taxes for new or rehabilitated residential
dwellings financed through the New York State Housing Finance Agency.
Pursuant to § 421-d of the Real Property
Tax Law, any new or rehabilitated residential building subject to
a mortgage, the loan for which was made or financed by notes, bonds
or other obligations of the New York State Housing Finance Agency,
the interest on which is exempt from taxation pursuant to Internal
Revenue Code of 1954, as amended, shall be exempt from property taxes,
other than assessments for local improvements, during construction
or rehabilitation and so long as such mortgage is outstanding and
the building is used for residential purposes for a period not to
exceed 15 years after the taxable status date immediately following
the completion thereof, according to the following schedule:
|
Year
|
Percentage of Exemption
|
|---|---|
|
1-2-3
|
100
|
|
4-5-6
|
80
|
|
7-8-9
|
60
|
|
10-11-12
|
40
|
|
13-14-15
|
20
|
Notwithstanding the provisions of the above
schedule of exemptions, there shall be due, during any such period
of exemption, taxes at least in the amount of the taxes paid on such
land and improvements thereon during the tax year preceding the commencement
of such construction or rehabilitation.
During the period of exemption under this article,
no other exemption from taxes shall be availed of concurrently under
any other law.
Such exemption shall apply to assessments on
or after June 1, 1985, the next taxable status date.
This article shall be in full force and effect
from and after its passage, approval, recording and publication as
provided by law.
