A total exemption from taxation and special
ad valorem levies for 10 successive years after the adoption hereof
is hereby granted to "eligible business facilities" located in the
city, as defined in § 115 of the Commerce Law of the State
of New York, from taxes and special ad valorem levies imposed by or
in behalf of the City of Oneonta for city purposes.
As used in this article, the following terms
shall have the meanings indicated:
ELIGIBLE BUSINESS FACILITY
As defined by the New York State Job Incentive Board, pursuant
to §§ 115 and 120 of the Commerce Law of the State
of New York, shall be exempt from taxes and special ad valorem levies
imposed by the city for city purposes for any increase in the value
thereof which is attributable to expenditures certified by the Job
Incentive Board to have been paid or incurred by the owner or operator
for capital improvements commenced on or after the effective date
of this article, consisting of the construction, reconstruction, erection
or improvement of depreciable real property included in such facility,
and such exemptions shall be continued from year to year during the
specified 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 by § 120 of the Commerce Law.
Such exemption shall be granted only upon an
application by the owner or operator of such facility on a form prescribed
by the New York State Job Incentive Board, to which there shall be
attached a copy of the certificate of eligibility issued by the New
York State Job Incentive Board. Such application shall be filed with
the appropriate assessing authorities on or before the appropriate
taxable-status dates. Copies of such applications shall be filed simultaneously
with the New York State Job Incentive Board and the State Board of
Equalization and Assessment.
The assessors shall consider the application
for such exemption and, if the same is in order, shall determine the
assessed value of such exemption in accordance with the above-mentioned
certificate of eligibility, issued pursuant to § 120 of
the Commerce Law of the State of New York, and enter such value on the "exempt" portion of the assessment
roll. The eligible business facility shall then be exempt to the extent
provided by this article from taxes and special ad valorem levies
commencing with the assessment roll prepared on the next following
taxable status date.
If an exemption has once been granted for a
business facility under this section and the assessors receive notice
that a certificate of eligibility of such facility has been revoked
or modified, they shall redetermine the assessed value of any such
exemption in accordance with such revocation or modification. If,
upon such redetermination, it appears for a year for which an exemption
has been granted that such facility has been ineligible or that the
assessed value of such exemption as redetermined is less than the
assessed value of such exemption as shown on the assessment rolls
for such year, then a tax shall be levied at the rate of tax for such
year upon so much of the assessed valuation of such exemption, as
shown on such assessment rolls, as may be ineligible or excessive.
Such tax shall be levied as an omitted assessment in the manner provided
in § 550 of the Real Property Tax Law for each such year.
Any such redetermination shall be made no later than three years after
the applicant for exemption last received benefit of any exemption
under said § 485 of the Real Property Tax Law.