[Adopted 4-1-1997 by L.L. No. 4-1997]
This article shall be known as the "Local Industrial
and Commercial Real Property Tax Incentive Law." This article is established
pursuant to a plan presented by the Local Industrial and Commercial
Incentive Board established by Local Law No. 4-1996 in conformance
with § 485-b of the Real Property Tax Law.
The purpose of this article is:
A.
To implement a commercial and industrial tax incentive
program within target areas of the Town of Greece pursuant to § 485-b,
entitled "Business investment exemption," of the Real Property Tax
Law.
B.
To encourage economic development within designated
target areas through real property tax relief.
C.
To maximize tax collection by the elimination of the
tax exemption program in all other areas of the Town.
D.
To encourage participation in this tax abatement program
with other jurisdictions, but mot importantly school districts, which
previously have not allowed for any tax incentive program.
E.
To encourage development expansion within industrial
zoned property.
As used in this article, the following terms
shall have the meanings indicated:
The increase in assessed valuation attributable to the construction,
modification, addition and alteration of and to buildings and structures
in accordance with the criterion established within this article.
All industrial and commercial real properties identified
and listed in the Standard Industrial Classification (SIC) Manual
published by the United States government and constructed, altered,
installed or improved subsequent to the effective date of this article.
The defined geographic areas identified by the LICIB target
area map and further identified by tax account numbers as contained
in the committee report, Appendixes A-1 through A-10, and which were
reaffirmed February 4, 1997.[1]
[1]
Editor's Note: Said appendixes are on file
in the office of the Town Clerk.
Eligibility shall be based upon the following
qualifying criteria:
A.
Real property must be located within the target areas;
and therefore, be it resolved that the current § 485-b exemption
program be eliminated from all other sections of the Town.
B.
Real property must be a qualified industrial and commercial
real property.
C.
The cost of construction, modification, addition and
alteration shall meet or exceed the following thresholds:
|
Target Area
|
Cost
| |
|---|---|---|
|
No. 1
|
$10,000
| |
|
No. 2
|
$10,000
| |
|
No. 3
|
$10,000
| |
|
No. 4
|
$50,000
| |
|
No. 5
|
$50,000
| |
|
No. 6
|
$50,000
| |
|
No. 7
|
$50,000
| |
|
No. 8
|
$50,000
| |
|
No. 9
|
$50,000
| |
|
No. 10
|
$10,000
|
Exemptions pursuant to this article shall be
computed pursuant to the following accelerated strategic exemption
schedule:
|
Year of Exemption
|
Percentage of Assessment Reduction
|
|---|---|
|
1
|
50%
|
|
2
|
50%
|
|
3
|
50%
|
|
4
|
40%
|
|
5
|
30%
|
|
6
|
20%
|
|
7
|
10%
|
|
8
|
10%
|
|
9
|
10%
|
|
10
|
5%
|
A.
The owner of qualified commercial and industrial real
property shall complete an application prescribed by the State Board
of Equalization and Assessment. Such application shall be filed with
the Assessor of the Town of Greece on or before the appropriate taxable
status date of the Town of Greece and within one year from the date
of completion of the construction, alteration, installation or improvement.
B.
The Assessor shall review the application and determine
whether the application is complete and whether the applicant is entitled
to an exemption pursuant to this article. The time within which the
Assessor must make this determination shall be within 30 days of the
receipt of the application.
C.
If the Assessor is satisfied that the applicant is
entitled to an exemption pursuant to this article and § 485-b
of the Real Property Tax Law, he/she shall approve the application
and such real property shall after be exempt from taxation and special
ad valorem levies as provided commencing with the assessment roll
prepared after the taxable status date referred to in the above section.
The assessed value of any exemption granted pursuant to this article
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.
D.
This article adopts and incorporates all the provisions
of § 485-b of the Real Property Tax Law.
