§ 485-G — Infrastructure exemption

New York § 485-G

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 2: Private Property
• Art. 4: Exemptions

Text

§ 485-g. Infrastructure exemption. 1. A county, city, town or village\nmay by local law or a school district may by resolution provide that the\nexemption under this section shall be applicable within its\njurisdiction. A copy of such local law or resolution shall be filed with\nthe office of real property services.\n 2. Residential building lots which are part of a subdivision plat for\nresidential development which includes infrastructure intended to be\ndedicated to the municipal corporation or a special district thereof in\naccordance with the provisions of this section shall be exempt from\ntaxation to the extent of the increased assessed value of such lots\nresulting from the addition of such infrastructure for a period until\nthe issuance of a certificate of occupancy but in no event longer than\nthree years from granting of the exemption herein, which certifies that\na residence is constructed on a building lot in such subdivision. Such\nexemption shall be the value of the infrastructure proportionately\napplied to each of the lots in the subdivision. Upon issuance of the\ncertificate of occupancy but in no event longer than three years from\ngranting of the exemption herein, the exemption provided by this\nsubdivision shall lapse.\n 3. For purposes of this section infrastructure shall be comprised of\nthe following public facilities which are intended to be dedicated to\nthe municipal corporation or a special district thereof: streets, storm\nand sanitary sewers, drainage facilities and any other facilities\nrequired by the municipality to be installed in such residential\nsubdivision as noted on the filed plat plan for such residential\nsubdivision.\n 4. Such exemption shall be granted only upon application by the owner\nof the real property on a form prescribed and made available by the\noffice of real property services. The applicant shall file the\ninformation as required by the office of real property services. The\napplication shall be filed with the assessor of the appropriate\nassessing unit. Such application shall be filed on or before the\nappropriate taxable status date of such assessing unit and not later\nthan one year from the date of completion of such construction,\ninstallation or improvement. On approved subdivision lots in which such\ninfrastructure has been completed as of the effective date of the local\nlaw or school district resolution providing that the exemption under\nthis section shall be applicable within its jurisdiction and for which a\ncertificate of occupancy has not been issued, application shall be made\nwithin one year from the effective date of such local law or school\ndistrict resolution.\n 5. If the assessor receives an application by the owner of the real\nproperty, and is satisfied that the applicant is entitled to an\nexemption pursuant to this section, the assessor shall approve the\napplication and such real property shall thereafter be exempt from\ntaxation as herein provided commencing with the assessment roll prepared\nafter the taxable status date referred to in subdivision four of this\nsection. The assessed value of any exemption granted pursuant to this\nsection shall be entered by the assessor on the assessment roll with the\ntaxable property, with the amount of the exemption entered in a separate\ncolumn.\n 6. The provisions of this section shall not apply to a city with a\npopulation of one million or more.\n