N.Y. Real Property Tax Law § 485-f: Banking development districts

§ 485-f. Banking development districts. 1. Real property altered,

constructed, installed, or improved for use as a branch of a bank, trust

company or national bank in an area designated as a banking development

district by the superintendent of financial services pursuant to section

ninety-six-d of the banking law shall be exempt from taxation and

special ad valorem levies by any municipal corporation in which located,

for a period of ten years, provided that the governing board of such

municipal corporation, after a public hearing, adopts a local law,

ordinance, or resolution providing therefor.

2. Where such local law, ordinance, or resolution has been adopted,

such real property which is used to establish a branch of a bank, trust

company or national bank in a banking development district shall be

exempt for a period of one year of fifty per centum of the "exemption

base", determined pursuant to subdivision three of this section, and

such exemption shall be decreased by five per centum each year during

such additional period. A copy of such local law, ordinance, or

resolution shall be filed with the commissioner and the assessor of such

county, city, town, or village who prepares the assessment roll on which

the taxes of such county, city, town, village, or school district are

levied.

3. (a) The "exemption base" shall be the extent of the increase in

assessed value attributable to such alteration, construction,

installation, or improvement as determined in the initial year for which

application for exemption is made pursuant to this section, except as

provided in subparagraph (ii) of this paragraph.

(i) If there is subsequent alteration, construction, installation, or

improvement during the term of the exemption, the exemption base shall

be revised to include the increase in assessed value attributable to

such alteration, construction, installation, or improvement.

(ii) If in any year a change in level of assessment of fifteen percent

or more is certified for an assessment roll pursuant to the rules of the

commissioner, the exemption base shall be adjusted by such change in

level or assessment. The exemption on that assessment roll shall

thereupon be recomputed, 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 assessor shall give written

notice of such recomputed exemption to the property owner, who may, if

he or she believes that the exemption was recomputed incorrectly, apply

for a correction in the manner provided by title three of article five

of this chapter for the correction of clerical errors.

(iii) The following table shall illustrate the computation of the tax

exemption:

Year of exemption Percentage of exemption

1 50

2 45

3 40

4 35

5 30

6 25

7 20

8 15

9 10

10 5

(b) No exemption shall be granted pursuant to this section, unless:

(i) the alteration, construction, installation, or improvement

commenced on or after either the date the banking development district

was designated by the superintendent of financial services pursuant to

section ninety-six-d of the banking law or, if specified in local law,

ordinance, or resolution adopted pursuant to subdivision one of this

section, the effective date of such local law, resolution or ordinance;

and

(ii) the property is located in a banking development district

designated by the superintendent of financial services pursuant to

section ninety-six-d of the banking law.

(c) For purposes of this section the terms alteration, construction,

installation or improvement shall not include ordinary maintenance and

repairs.

4. Such exemption shall be granted only upon written application of

the owner of such real property on a form prescribed by the state board.

The application shall be filed with the assessor of the county, city,

town, or village having the power to assess property for taxation on or

before the appropriate taxable status date of such county, city, town,

or village. Such application shall be filed on or before the appropriate

taxable status date of such assessing unit and no later than one year

from the date of completion of such alteration, construction,

installation, or improvement.

5. If the assessor receives an application by the owner of the real

property and is satisfied that the applicant is entitled to an exemption

pursuant to this section, the assessor 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 subdivision

four of this section. 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 entered in a separate column.