[Adopted 8-27-2015 by L.L. No. 2-2015]
Pursuant to Section 485-a of the Real Property Tax Law, the
exemption is for nonresidential property converted to a mix of residential
and commercial uses.
The exemption is limited to those properties contained within
the designated historic district contiguous within Main, Mill, Bank,
Lake and West Main Streets.
An eligible conversion must have a construction cost (materials and labor) in excess of $10,000. The exemption applies only to construction commenced subsequent to the date the Town adopted this article and subsequent to the date the area stated in § 141-13 is designated an historic district. The exemption does not apply to improvements for dwelling units in a hotel nor for ordinary maintenance and repairs. Ordinarily, this type of conversion work must require a building permit to be issued by the Code Enforcement Officer, unless otherwise permitted by resolution of the Town Board.
The exemption is calculated as a percentage of the exemption
base, which is the increase in assessed value attributable to the
conversion. The base should be determined for each year in which there
is such an increase attributable to an eligible conversion. The exemption
may not be granted concurrent with or subsequent to any other exemption
for the same improvements.
|
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
|
The application must be filed with the Assessor on or before
the applicable taxable status date. Once the exemption has been granted,
the exemption may continue for the authorized period, provided that
the eligibility requirements continue to be satisfied. It is not necessary
to reapply for the exemption after the initial year in order for the
exemption to continue.
