[Adopted 3-17-1983 by L.L. No. 2-1983]
An exemption from taxation levies for three years after the
adoption hereof is hereby granted to eligible business facilities,
as defined in § 115 of the Commerce Law of the State of
New York, located in Town of Montgomery, from taxes imposed by or
in behalf of the Town of Montgomery for the Town of Montgomery purposes
in the following amount for the following years:
|
Year
|
Percent of Exemption
|
|---|---|
|
1
|
100
|
|
2
|
100
|
|
3
|
100
|
No exemption for "special ad valorem levies," as that term is
defined in the Real Property Tax Law, is hereby granted.
An eligible business facility, as defined by the New York State
Job Incentive Board, pursuant to §§ 115 and 120 of
the Commerce Law[1] of the State of New York, shall be exempt from tax levies
imposed by Town of Montgomery for Town of Montgomery 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.
[1]
Editor's Note: Commerce Law §§ 115 through 121,
regarding the State Job Incentive Board, were repealed by L. 1983,
c. 15. (The Commerce Law has also been amended and redesignated the
Economic Development 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 Assessor 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 tax 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 Assessor receives notice that a certificate
of eligibility of such facility has been revoked or modified, he 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 is redetermined is less than the assessed value of such
exemption, as shown on the assessment roll 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
roll, 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.
