[Adopted 8-2-1999 by L.L. No. 3-1999]
This article shall be known as the "Exemption
from Taxation and Special Ad Valorem Levies for Real Property Located
Within Designated Economic Development Zones Within the Village of
Owego."
This article is enacted pursuant to the authority
of § 10 of the Municipal Home Rule Law and § 485-e
of the Real Property Tax Law of the State of New York.
The Village Board of the Village of Owego, in
the County of Tioga, State of New York, under the authority of the
General Municipal and Town Laws, hereby ordains, enacts and publishes
this article for the purpose of providing an exemption from taxation
and ad valorem of levies by the Village of Owego for any property
within an economic development zone which lies, in whole or in part,
within its boundaries.
As used in this article, the following terms
shall have the meanings indicated:
The same as in Real Property Tax Law § 485-e, Subdivision
2, Paragraph (a), as set forth in that statute as follows, and as
may be amended, modified or replaced by the New York State Legislature
from time to time: The base amount of the exemption shall be the extent
of the increase in assessed value attributable to such construction,
alteration, installation or improvement as determined in the initial
year for which application for exemption is made pursuant to this
section. The base amount shall remain constant for the authorized
term of the exemption, subject to the following:
A.
If there is subsequent construction, alteration, installation
or improvement during the term of the exemption, the base amount shall
be revised to include the increase in assessed value attributable
to such construction, alteration, installation or improvement.
B.
If a change in level of assessment of 15% or more
is certified for an assessment roll pursuant to the rules of the State
Board, the base amount shall be adjusted by such change in level of
assessment. The exemption on that assessment roll shall thereupon
be recomputed, notwithstanding the fact that the Assessor receives
the certification after the completion, verification and filing of
the final assessment roll. In the event that the Assessor does not
have custody of the roll when such certification is received, the
Assessor shall certify the recomputed exemption to the local officers
having custody and control of the roll, and such local officers are
hereby directed and authorized to enter the recomputed exemption certified
by the Assessor on the roll.
Real property constructed, altered, installed
or improved in an area designated an economic development zone pursuant
to Article 18B of the General Municipal Law shall be exempt from taxation
and special ad valorem levies by the Village of Owego for the period
and to the extent provided in § 485-e of the Real Property
Tax Law of the State of New York.
The exemption herein authorized shall be for
a term of 10 years, notwithstanding that the designation of the economic
development zone may expire prior to the end of such ten-year term.
The amount of such exemption in the first seven
years of its term shall be 100% of the base amount determined in accordance
with § 485-e of the Real Property Law of the State of New
York. The amount of such exemption in the eighth, ninth and 10th years
of its term shall be 75%, 50% and 25%, respectively, of such base
amount.
