City of Cohoes, NY Article XII Mixed-Use Property Improvement Exemption

[Adopted 1-10-2006 by L.L. No. 2-2006]

§ 255-35 Exemption granted.

Nonresidential real property, upon conversion to mixed-use property, which for the purposes of this article shall mean any real property in the City of Cohoes on which will exist, after completion of residential construction work or a combination of residential construction work and commercial construction work, a building or structure used for both residential and commercial purposes, shall be exempt from taxation levied by the City of Cohoes on the increase in assessed value attributable to such conversion to the extent provided hereinafter, pursuant to § 485-a of the New York State Real Property Tax Law. The length of said exemption shall be 12 years. Such exemption shall be computed with respect to the exemption base. The exemption base shall be determined for each year in which there is an increase in assessed value so attributable from that of the previous year's assessed value. Such exemption shall be computed in accordance with the following table:

Year of Exemption	Percentage of Exemption Base Exempt From Tax
1	100%
2	100%
3	100%
4	100%
5	100%
6	100%
7	100%
8	100%
9	80%
10	60%
11	40%
12	20%

§ 255-36 Definitions.

Except as defined in this article, all terms shall have the meanings set forth in § 485-a of the New York State Real Property Tax Law.

§ 255-37 Requirements.

A. No exemption pursuant to this article shall be granted unless:

(1) Such conversion was commenced subsequent to the effective date of this article.

(2) The cost of such conversion exceeds the sum of $10,000.

(3) The conversion is not ordinary maintenance or repairs.

B. 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 City 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 twelve-year exemption granted pursuant to this section less the number of years the property would have been previously exempt from real property taxes.

§ 255-38 Time to file application.

Any exemption pursuant to this article shall be granted only upon application by the owner thereof on the form prescribed by the state board. The application shall be filed with the Assessor of the City of Cohoes on or before the taxable status date of March 1 to be eligible for an exemption to be entered on the assessment roll prepared on the basis of said taxable status date.