[Adopted 10-23-1991 by L.L. No. 13-1991]
Pursuant to § 421-e of the Real Property Tax Law of the State of New York, a town may adopt a local law to provide that any cooperative, condominium or rental project which received grants, payments or loans pursuant to Article 18 or 19 of the Private Housing Finance Law shall be exempt from real property taxation imposed by the Town of Ramapo. It is the intent of the Town Board to adopt a local law to exempt any new construction and conversion of existing structures of a cooperative, condominium or rental project which receives grants, payments or loans pursuant to Article 18 or 19 of the Private Housing Finance Law from real property taxation, other than assessments for local improvements, imposed by the Town of Ramapo.
A. 
A. Pursuant to the authority of § 421-e of the Real Property Tax Law, all conversion of existing structures and all new construction of cooperatives, condominiums or rentals constructed or converted after the effective date of this article and receiving payments, grants or loans pursuant to Article 18 or 19 of the Private Housing Finance Law shall be partially exempt, as per schedule below, from real property taxes imposed by the Town of Ramapo, other than for assessments for local improvements, for a period of 10 years from the taxable status date immediately following the completion or conversion of said project.
Year
Exemption
1
50%
2
45%
3
40%
4
35%
5
30%
6
25%
7
20%
8
15%
9
10%
10
5%
B. 
Said exemption shall be in addition to any other exemptions or abatement authorized by law.
C. 
This exemption shall terminate upon the unit receiving the exemption no longer being subject to or qualifying under the provisions of Article 18 or 19 of the Private Housing Finance Law.
A. 
Anyone seeking an exemption pursuant to this section must submit a written request for said exemption to the Assessor of the Town of Ramapo. Said request must include the following information:
(1) 
Name and address of project.
(2) 
Section and lot number.
(3) 
Statement as to eligibility for affordable housing designation.
(4) 
Statement as to zoning approval.
(5) 
Proof that all prior taxes on subject property have been paid.
B. 
Such request must be submitted on or before taxable status date of any calendar year to be eligible for said exemption for said calendar year.
C. 
If such request is received after taxable status date, such exemption shall not be granted until the next calendar year.