[Adopted 4-28-1998 by L.L. No. 3-1998; amended in its entirety 10-25-2011 by L.L. No. 2-2011]
This article is adopted pursuant to the authority of the Real Property Tax Law § 485-b, Subdivision 7. All definitions, terms and conditions of such statute shall apply to this article.
A. 
Real property constructed, altered, installed or improved subsequent to the effective date of this article for the purpose of commercial, business or industrial activity shall be eligible for partial exemption from taxation and special ad valorem levies for the increase in assessed value attributable thereto to the extent provided in § 485-b of the Real Property Tax Law of the State of New York, and as hereinafter provided. For purposes of this article the terms "construction," "alteration," "installation," and "improvement" shall not include ordinary maintenance and repairs.
B. 
In any year in which a change in level of assessment of 15% or more is certified for a final assessment roll pursuant to the rules of the New York State Board of Real Property Services, the exemption base shall be multiplied by a fraction, the numerator of which shall be the total assessed value of the parcel on such final assessment roll (after accounting for any physical or quantity changes to the parcel since the immediately preceding assessment roll) and the denominator of which shall be the total assessed value of the parcel on the immediately preceding final assessment roll. The result shall be the new exemption base. The exemption shall thereupon be recomputed to take into account the new exemption base, notwithstanding the fact that the Assessor receives the certification of the change in level of assessment 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. The Assessor shall give written notice of such recomputed exemption to the property owner, who may, if he or she believes that the exemption was recomputed incorrectly, apply for a correction in the manner provided by Title 3 of Article 5 of the New York State Real Property Tax Law for the correction of clerical errors.
C. 
The following table shall illustrate the computation of the tax exemption, if any:
Year of Exemption
Percentage of Exemption
1
50%
2
45%
3
40%
4
35%
5
30%
6
25%
7
20%
8
15%
9
10%
10
5%
D. 
No exemption pursuant to this article shall be granted unless:
(1) 
The construction, alteration, installation or improvement was commenced subsequent to the effective date of this article.
(2) 
The cost of construction, alteration, installation or improvement exceeds the sum of $50,000.
(3) 
The construction, alteration, installation or improvement is completed as may be evidenced by a certificate of occupancy or other appropriate documentation as provided by the owner.
E. 
No 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 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 ten-year exemption granted pursuant to this section less the number of years the property would have been previously exempt from real property taxes.
F. 
Such exemption shall be granted only upon application by the owner of such real property on a form prescribed by the State Board of Real Property Services. Such application shall be filed with the Assessor of the Town having the power to assess property for taxation on or before the appropriate taxable status date of the Town or county and within one year from the date of completion of such construction, alteration, installation or improvement.
G. 
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this article, he or she shall approve the application and such real property shall thereafter be exempt from taxation and special ad valorem levies as herein provided, commencing with the assessment roll prepared after the taxable status date of March 1 of each year. 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.
H. 
This article shall not apply to property used primarily for the furnishing of dwelling space or accommodations to either residents or transients other than hotels or motels.
I. 
In the event that real property granted an exemption pursuant to this section ceases to be used primarily for eligible purposes, the exemption granted pursuant to this section shall cease.
This article shall take effect immediately upon its filing with the office of the Secretary of State of the State of New York and the State Board of Real Property Services.