§ 485-S*3 — Mixed use exemption program for villages

New York § 485-S*3

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

Text

* § 485-s. Mixed use exemption program for villages. 1. As used in\nthis section, the following terms shall have the following meanings:\n (a) "Applicant" means any person obligated to pay real property taxes\non the property for which an exemption from real property taxes under\nthis section is sought.\n (b) "Mixed-use property" means property with a building or structure\nused for both residential and commercial purposes.\n (c) "Person" means an individual, corporation, limited liability\ncompany, partnership, association, agency, trust, estate, foreign or\ndomestic government or subdivision thereof, or other entity.\n 2. Any village with a population greater than five thousand five\nhundred and less than five thousand six hundred based upon the latest\ndecennial census may, by local law, provide for the exemption of real\nproperty from taxation as provided in this section. Upon the adoption of\nsuch a local law, the county and town in which such village is located\nmay, by local law, and any school district, all or part of which is\nlocated in such village, may, by resolution, exempt such property from\nits taxation in the same manner and to the same extent as such village\nhas done.\n 3. Upon the adoption of such a local law, newly constructed mixed-use\nproperty, shall be exempt from taxation and special ad valorem levies as\nprovided for in subdivision four of this section.\n 4. (a) For a period of twenty years from the approval of an\napplication, the increase in assessed value of such property\nattributable to such construction shall be exempt as provided in\nparagraph (b) of this subdivision. Such exemption shall be computed with\nrespect to the "exemption base". The exemption base shall be determined\nfor each year in which there is an increase in assessed value so\nattributable from that of the previous year's assessed value.\n (b) The following table shall illustrate the computation of the tax\nexemption:\nYear of exemption Percentage of exemption\n1-2 90% of exemption base\n 3 80% of exemption base\n 4 75% of exemption base\n 5 70% of exemption base\n 6 65% of exemption base\n 7 60% of exemption base\n 8 55% of exemption base\n 9 50% of exemption base\n 10 45% of exemption base\n 11 40% of exemption base\n 12 35% of exemption base\n 13 30% of exemption base\n 14 25% of exemption base\n 15 20% of exemption base\n 16 15% of exemption base\n 17-18 10% of exemption base\n 19-20 5% of exemption base\n (c) No such exemption shall be granted unless such construction was\ncommenced subsequent to the date on which the village's local law took\neffect.\n (d) No such exemption shall be granted concurrent with or subsequent\nto any other real property tax exemption granted to the same\nimprovements to real property, except, where during the period of such\nprevious exemption, payments in lieu of taxes or other payments were\nmade to the local government in an amount that would have been equal to\nor greater than the amount of real property taxes that would have been\npaid on such improvements had such property been granted an exemption\npursuant to this section. In such case, an exemption shall be granted\nfor a number of years equal to the twenty year exemption granted\npursuant to this section less the number of years the property would\nhave been previously exempt from real property taxes.\n 5. Such exemption shall be granted only upon application by the owner\nof such real property on a form prescribed by the commissioner. Such\napplication shall be filed with the assessor on or before the\nappropriate taxable status date.\n 6. If the assessor is satisfied that the applicant is entitled to an\nexemption pursuant to this section, he or she shall approve the\napplication and such real property shall thereafter be exempt from\ntaxation and special ad valorem levies as provided in this section\ncommencing with the assessment roll prepared after the taxable status\ndate referred to in subdivision five of this section. The assessed value\nof any exemption granted pursuant to this section shall be entered by\nthe assessor on the assessment roll with the taxable property, with the\namount of the exemption shown in a separate column.\n 7. A local law or resolution adopted pursuant to this section may be\nrepealed by the governing body of the applicable village, county, town,\nor school district, provided that such repeal shall occur at least\nninety days prior to the applicable taxable status date and provided\nfurther that no such local law or resolution shall repeal an exemption\ngranted pursuant to this section until the expiration of the period for\nwhich such exemption was granted.\n * NB There are 3 § 485-s's\n