N.Y. Real Property Tax Law § 485-g: Infrastructure exemption

§ 485-g. Infrastructure exemption. 1. A county, city, town or village

may by local law or a school district may by resolution provide that the

exemption under this section shall be applicable within its

jurisdiction. A copy of such local law or resolution shall be filed with

the office of real property services.

2. Residential building lots which are part of a subdivision plat for

residential development which includes infrastructure intended to be

dedicated to the municipal corporation or a special district thereof in

accordance with the provisions of this section shall be exempt from

taxation to the extent of the increased assessed value of such lots

resulting from the addition of such infrastructure for a period until

the issuance of a certificate of occupancy but in no event longer than

three years from granting of the exemption herein, which certifies that

a residence is constructed on a building lot in such subdivision. Such

exemption shall be the value of the infrastructure proportionately

applied to each of the lots in the subdivision. Upon issuance of the

certificate of occupancy but in no event longer than three years from

granting of the exemption herein, the exemption provided by this

subdivision shall lapse.

3. For purposes of this section infrastructure shall be comprised of

the following public facilities which are intended to be dedicated to

the municipal corporation or a special district thereof: streets, storm

and sanitary sewers, drainage facilities and any other facilities

required by the municipality to be installed in such residential

subdivision as noted on the filed plat plan for such residential

subdivision.

4. Such exemption shall be granted only upon application by the owner

of the real property on a form prescribed and made available by the

office of real property services. The applicant shall file the

information as required by the office of real property services. The

application shall be filed with the assessor of the appropriate

assessing unit. Such application shall be filed on or before the

appropriate taxable status date of such assessing unit and not later

than one year from the date of completion of such construction,

installation or improvement. On approved subdivision lots in which such

infrastructure has been completed as of the effective date of the local

law or school district resolution providing that the exemption under

this section shall be applicable within its jurisdiction and for which a

certificate of occupancy has not been issued, application shall be made

within one year from the effective date of such local law or school

district resolution.

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 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.

6. The provisions of this section shall not apply to a city with a

population of one million or more.