N.Y. Real Property Tax Law § 485-s*3: Mixed use exemption program for villages

* § 485-s. Mixed use exemption program for villages. 1. As used in

this section, the following terms shall have the following meanings:

(a) "Applicant" means any person obligated to pay real property taxes

on the property for which an exemption from real property taxes under

this section is sought.

(b) "Mixed-use property" means property with a building or structure

used for both residential and commercial purposes.

(c) "Person" means an individual, corporation, limited liability

company, partnership, association, agency, trust, estate, foreign or

domestic government or subdivision thereof, or other entity.

2. Any village with a population greater than five thousand five

hundred and less than five thousand six hundred based upon the latest

decennial census may, by local law, provide for the exemption of real

property from taxation as provided in this section. Upon the adoption of

such a local law, the county and town in which such village is located

may, by local law, and any school district, all or part of which is

located in such village, may, by resolution, exempt such property from

its taxation in the same manner and to the same extent as such village

has done.

3. Upon the adoption of such a local law, newly constructed mixed-use

property, shall be exempt from taxation and special ad valorem levies as

provided for in subdivision four of this section.

4. (a) For a period of twenty years from the approval of an

application, the increase in assessed value of such property

attributable to such construction shall be exempt as provided in

paragraph (b) of this subdivision. Such exemption shall be computed with

respect to the "exemption base". The exemption base shall be determined

for each year in which there is an increase in assessed value so

attributable from that of the previous year's assessed value.

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

exemption:

Year of exemption Percentage of exemption

1-2 90% of exemption base

3 80% of exemption base

4 75% of exemption base

5 70% of exemption base

6 65% of exemption base

7 60% of exemption base

8 55% of exemption base

9 50% of exemption base

10 45% of exemption base

11 40% of exemption base

12 35% of exemption base

13 30% of exemption base

14 25% of exemption base

15 20% of exemption base

16 15% of exemption base

17-18 10% of exemption base

19-20 5% of exemption base

(c) No such exemption shall be granted unless such construction was

commenced subsequent to the date on which the village's local law took

effect.

(d) No such exemption shall be granted concurrent with or subsequent

to any other real property tax exemption granted to the same

improvements to real property, except, where during the period of such

previous exemption, payments in lieu of taxes or other payments were

made to the local government in an amount that would have been equal to

or greater than the amount of real property taxes that would have been

paid on such improvements had such property been granted an exemption

pursuant to this section. In such case, an exemption shall be granted

for a number of years equal to the twenty year exemption granted

pursuant to this section less the number of years the property would

have been previously exempt from real property taxes.

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

of such real property on a form prescribed by the commissioner. Such

application shall be filed with the assessor on or before the

appropriate taxable status date.

6. If the assessor is satisfied that the applicant is entitled to an

exemption pursuant to this section, he or she shall approve the

application and such real property shall thereafter be exempt from

taxation and special ad valorem levies as provided in this section

commencing with the assessment roll prepared after the taxable status

date referred to in subdivision five 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 shown in a separate column.

7. A local law or resolution adopted pursuant to this section may be

repealed by the governing body of the applicable village, county, town,

or school district, provided that such repeal shall occur at least

ninety days prior to the applicable taxable status date and provided

further that no such local law or resolution shall repeal an exemption

granted pursuant to this section until the expiration of the period for

which such exemption was granted.

* NB There are 3 § 485-s's