[Adopted 11-18-1995 by L.L. No. 9-1995]
A.
Real property constructed, altered, installed or improved
subsequent to the effective date of this Article for the purpose of
commercial, business or industrial activity shall be exempt from taxation
and special ad valorem levies to the extent herein provided.
[Amended 4-13-1996 by L.L. No. 4-1996]
B.
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 nine years, and such exemption shall be computed with
respect to the increase in assessed value as determined in the initial
year of such ten-year period following the filing of an original application;
provided, however, that in any year in which a change in level of
assessment of 15% or more is certified for an assessment roll pursuant
to the rules of the State Board, the exemption shall be recomputed
to take into account the increase in assessed value due to the change
in level of assessment, notwithstanding the fact that the Assessor
receives the certification after the completion, verification and
filing of the final assessment roll. In the event that 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 following table shall illustrate
the computation of the tax exemption:
|
Year of Exemption
|
Percent of Exemption
|
|---|---|
|
1
|
50
|
|
2
|
45
|
|
3
|
40
|
|
4
|
35
|
|
5
|
30
|
|
6
|
25
|
|
7
|
20
|
|
8
|
15
|
|
9
|
10
|
|
10
|
5
|
C.
No exemption shall be granted unless:
(1)
Such construction, alteration, installation or improvement
was commenced subsequent to the effective date of this Article.
(2)
The cost of such construction, alteration, installation
or improvement exceeds the sum of $10,000.
(3)
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.
D.
For the purposes of this section, the terms "construction,"
"alteration," "installation" or "improvement" shall not include ordinary
maintenance and repairs.
E.
No 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 section. In such case, an exemption shall be granted
for a number of years equal to the ten-year exemption granted, pursuant
to this section, less the number of years the property would have
been previously exempt from real property taxes.
[Amended 4-13-1996 by L.L. No. 4-1996]
A.
Such exemption shall be granted only upon application
by the owner of such real property on a form prescribed by the State
Board and available from the Village Assessor. Such application shall
be filed with the Assessor of the village on or before January 1 of
each year and within one year from the date of completion of such
construction, alteration, installation or improvement. A copy of said
application shall also be filed with the State Board.
B.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this section, he shall approve the application and such real property shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the assessment roll prepared after the taxable status date referred to in § 124-5A of this Article. The assessed value of any exemption granted pursuant to this section 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.
