[Adopted 5-19-2015 by L.L. No. 5-2015]
The purpose and intent of this article is to provide for the
real property tax exemption authorized by § 485-a of the
Real Property Tax Law of the State of New York. This article shall
be read in conjunction with the provisions of § 485-a of
the Real Property Tax Law to effectuate the authorized real property
tax exemption.
As used in this article, the following terms shall have the
meanings indicated:
Any person obligated to pay real property taxes on the property
for which an exemption from real property taxes under this article
is sought.
The modernization, rehabilitation, expansion or other improvement
of the portion of mixed-use property to be used for commercial purposes.
The buying, selling or otherwise providing of goods or services,
including hotel services, or other lawful business or commercial activities
permitted in mixed-use property.
Property on 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.
Any city, town or village located within the County of Oswego,
New York.
An individual, corporation, limited-liability company, partnership,
association, trust, estate or other business entity.
The creation, modernization, rehabilitation, expansion or
other improvement of dwelling units, other than dwelling units in
a hotel, in the portion of mixed-use property to be used for residential
purposes.
Upon the adoption of this article, nonresidential real property,
upon conversion to mixed-use property, shall be exempt from taxation
and special ad valorem levies as provided for herein after said exemption
has been applied for and granted.
A.
The term of the exemption granted herein shall be for a period of
12 years from the approval of an application. The increase in assessed
value of such property attributable to such conversion shall be exempt
as provided herein. 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, as follows:
|
Year of Exemption
|
Percentage of Exemption
| |
|---|---|---|
|
1 through 8
|
100% of exemption base
| |
|
9
|
80% of exemption base
| |
|
10
|
60% of exemption base
| |
|
11
|
40% of exemption base
| |
|
12
|
20% of exemption base
|
B.
No such exemption shall be granted unless such conversion was commenced
subsequent to the date on which this article took effect and the cost
of such conversion exceeds the amount specified in this article or
$100,000, whichever is greater.
C.
For purposes of this article, the term "conversion" shall not include
ordinary maintenance and repairs. The following shall not be considered
conversion except to the extent that they are a part of an addition,
remodeling or modernization: exterior painting; the replacement of
exterior siding; interior painting; plastering; paneling or wallpapering;
replacement of flooring or floor covering; repairs to electrical or
plumbing systems; landscaping; replacement of existing pavement or
existing sidewalks. The foregoing is intended to be illustrative of
ordinary maintenance and repairs and shall not be viewed as a limitation
on what constitutes ordinary maintenance and repairs.
D.
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 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.
E.
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 City of Fulton Assessor and with any other jurisdiction that has
approved this exemption. Such application shall be filed on or before
the applicable tax status date applicable and within one year of the
date of completion of such conversion.
F.
Any such exemption granted hereunder shall expire upon the sale or
transfer of the subject property.
The provisions of this article shall only apply to nonresidential
real property converted to mixed-use property as defined under Real
Property Tax Law § 485-a. Such exemption shall be granted
only upon application by the owner of such real property or qualified
applicant on a form prescribed by the State Office of Real Property
Services. Such application shall be filed with the City of Fulton
Assessor having the power to assess the property for taxation on or
before the appropriate taxable status date of the City of Fulton.
If the City of Fulton Assessor is satisfied that mixed-use property qualifies and that the owner or 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 City taxation and special ad valorem levies as in this article is provided commencing with the assessment roll prepared after the taxable status date referred to in § 556-64 of this article. The assessed value of any exemption granted pursuant to this article shall be entered by the Assessor on the assessment roll with the taxable property, and the amount of the exemption shall be shown in a separate column.
This article shall take effect upon filing pursuant to the provisions
of the New York State Municipal Home Rule Law 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.
