[Adopted 10-3-1977 by L.L. No. 12-1977 (Sub-Part LIV of the 1970 Code)]
Pursuant to and in accordance with the provisions of § 485 of the Real Property Tax Law as amended by Chapter 798 of the Laws of 1976, real property situate within the bounds of the City of Binghamton, New York, and owned by eligible business facilities as defined in § 115 of the Commerce Law shall be exempt from real property taxation imposed for purposes of the City of Binghamton.[1]
[1]
Editor's Note: Real Property Tax Law § 485 was repealed in 1988, with the proviso that local laws adopted under its provisions and in effect immediately prior to the 6-27-1988 enactment of the repealer shall continue in effect as if these provisions had not been repealed for those owners or operators who, prior to 7-1-1983, have received from the New York State Job Incentive Board initial approval of an application for a certificate of eligibility. Section 115 of the Commerce Law (now the Economic Development Law) was repealed in 1983.
An eligible business facility, as certified by the New York State Job Incentive Board, pursuant to § 120 of the Commerce Law shall be exempt from taxes imposed for purposes of the City of Binghamton of 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 capital improvements commenced on or after the date upon which the area in which the eligible business facility is located became an eligible area pursuant to § 115 of the Commerce Law, 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.
Such real property shall be exempt for a period of 10 years to the extent of 100% of the increase in assessed value which is attributable to such Board-certified expenditures by the owner or operator for capital improvements.
Such exemption shall be granted only upon an application by the owner or operator of such facility on a form prescribed by the State Board, to which there shall be attached a copy of a certificate of eligibility issued by the New York State Job Incentive Board. Such application shall be filed with the Assessor on or before the appropriate taxable status dates. Copies of such application shall be filed simultaneously with the State Board and with the New York State Job Incentive Board.
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 certificate of eligibility and enter such value on the exempt portion of the tax roll. The eligible business facility shall then be exempt from real property taxes 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 article and the Assessor receives notice that a certificate of eligibility of such facility has been revoked or modified, he or she 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. Any such redetermination shall be made no later than three years after the applicant for exemption last received benefit of any exemption under this article.
This article shall take effect immediately but shall not apply for any real property taxes levied by the City of Binghamton for the year commencing January 1, 1977, and ending December 31, 1977.