[Adopted 9-26-1978 by L.L. No. 6-1978
(Ch. 32 of the 1969 Code)]
Every eligible business facility, as certified
by the New York State Job Incentive Board pursuant to Article 4-A
of the Commerce Law,[1] shall be exempt, to the extent hereinafter provided, from
taxes imposed on any increase in the value thereof which is attributable
to expenditures certified by said Board to have been paid or incurred
by the owner or operator for the capital improvements commenced on
or after July 1, 1976, consisting of the construction, reconstruction,
erection or improvement of depreciable real property included in such
facility. Such exemption shall be applicable for a period not to exceed
10 years and shall be continued from year to year during such period
only if the certificate of eligibility with respect to such business
facility is not revoked or modified and is renewed or extended as
provided in § 120 of the Commerce Law.[2] No exemption shall be granted from special ad valorem
levies for such capital improvements.
Every eligible business facility, as defined
in Article 4-A of the New York State Commerce Law, shall be exempt,
to the extent hereinafter provided, from taxes imposed by the Town
of Farmington for Town purposes. No exemption shall be granted from
special ad valorem levies.
The amount of the above exemptions shall be
100% for each of the first three years of eligibility, 50% for each
of the next two years of eligibility and 25% for each of the last
five years of eligibility.
This article is adopted pursuant to the provisions
of § 485, Subdivisions 3 and 4, of the New York State Real
Property Tax Law.[1]
[1]
Editor's Note: Said § 485 of the
Real Property Tax Law was repealed by L. 1988, c. 165. Continuation
provisions for local legislation adopted prior to 1983 were included
in the repeal, but appear to have expired as of 8-1-1999.
