Qualified mixed-use property, as defined in New York State Real
Property Tax Law Section 485-a, which is located within the City of
North Tonawanda shall be exempt from County taxation and County special
ad valorem levies in the same manner and to the same extent as provided
in the applicable city, town or village local law.
For purposes of this article, "qualified mixed-use property"
is defined as property in which will exist, after completion of residential
construction work or a combination of residential construction work
and commercial construction work, a building or structure used for
both residential and commercial purposes, subsequent to the effective
date of this article.
Such exemption shall be granted only upon application by the
owner of such real property on a form prescribed by the New York State
Board of Real Property Services, the original of which shall be filed
with the assessor for the City of North Tonawanda and/or such other
city, town or village that has approved this exemption. Such application
shall be filed on or before the tax status date applicable to the
City of North Tonawanda and/or such other city, town or village that
has approved this exemption and within one year from the date of completion
of such conversion.
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 article. In such case, an exemption shall be granted
for a number of years equal to the twelve-year exemption granted pursuant
to this article less the number of years the property would have been
previously exempt from real property taxes.
The provision of this article shall only apply to nonresidential
real property converted to mixed-use property.
This article shall take effect immediately and shall apply to
all assessment rolls prepared on the basis of taxable status dates
occurring on or after the effective date of this article.