[Adopted 4-7-2008 by L.L. No. 1-2008]
The purpose of this article is to provide for the exemption of real property from taxation as provided in § 485-a of the Real Property Tax Law of the State of New York.
The definitions provided for in § 485-a of the Real Property Tax Law of the State of New York are incorporated herein.
After the effective date hereof, nonresidential real property, upon conversion to mixed-use property, shall be exempt from taxation and special ad valorem levies, as provided for in this section. Such exemption shall be granted only upon application by the owner of such real property on a form prescribed by the state board. Such application shall be filed with the assessor of the town in which said real property is located on or before the appropriate taxable status date of such town. If the assessor is satisfied that the applicant is entitled to an exemption pursuant to this section, he or she shall approve the application and such real property shall thereafter be exempt from taxation and special ad valorem levies as provided for in this section commencing with the assessment roll prepared after said taxable status date. The assessed value of any exemption granted pursuant to this section 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.
For a period of 12 years from the approval of such an application, the increase in assessed value of such property attributable to such conversion shall be exempt as provided in Subsection C of this section. Such exemption shall be computed with respect to the exemption base. The exemption base shall be determined for each year in which there is an increase in assessed value so attributable from that of the previous year's assessed value.
The following table shall illustrate the computation of the tax exemption provided for by this section:
No such exemption shall be granted unless: such conversion was commenced subsequent to the effective date hereof; and the cost of such conversion exceeds the sum of $10,000.
For purposes of this section the term "conversion" shall not include ordinary maintenance and repairs.
No such exemption shall be granted concurrent with or subsequent to any other real property tax exemption granted to the same improvements to real property, except, where during the period of such previous exemption, payments in lieu of taxes or other payments were made to the local government in an amount that would have been equal to or greater than the amount of real property taxes that would have been paid on such improvements had such property been granted an exemption pursuant to this section. In such case, an exemption shall be granted for a number of years equal to the twelve-year exemption granted pursuant to this section less the number of years the property would have been previously exempt from real property taxes.