[Adopted 11-20-1978 by L.L. No. 3-1978]
An exemption for six successive 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,[1] located in this county from taxes and special ad valorem
levies imposed by or on behalf of the Town of Newburgh for Town purposes
in the following amounts for the following years:
|
Year
|
Percent of Exemption
|
|---|---|
|
First 3
|
100
|
|
4
|
80
|
|
5
|
50
|
|
6
|
20
|
[1]
Editor's Note: Article 4-A (§§ 115
through 121) of the Commerce Law (now Economic Development Law) was
repealed by Chapter 15 of the Laws of 1983. Such provisions, however,
continue in effect for those taxpayers who had previously received
a certificate of eligibility for tax credits or an exemption.
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,[1] shall be exempt from taxes and special ad valorem levies
imposed by the town for town 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 capital 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.[2]
[1]
Editor's Note: Article 4-A (§§ 115
through 121) of the Commerce Law (now Economic Development Law) was
repealed by L. 1983, c. 15. Such provisions, however, continue in
effect for those taxpayers who had previously received a certificate
of eligibility for tax credits or an exemption.
[2]
Editor's Note: Section 120 of the Commerce
Law was repealed by L. 1983, c. 15.
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. Such application shall
be filed with the Assessor of the Town of Newburgh on or before the
appropriate taxable status date. 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 Assessor 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[1] and 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.
[1]
Editor's Note: Section 120 of the Commerce
Law was repealed by L. 1983, c. 15.
If an exemption has once been granted for a
business facility under this Article and the Assessor receives notice
that a certificate of eligibility of such facility has been revoked
or modified, he 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 the assessment rolls for such year, then a tax
shall be levied at the rate of tax for such year upon so much of the
assessed valuation 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 the benefit of any exemption under § 485 of
the Real Property Tax Law.[1]
[1]
Editor's Note: Section 485 of the Real Property
Tax Law was repealed by L. 1988, c. 165. Such provisions, however,
continue in effect for those taxpayers who had previously received
a certificate of eligibility.
