The purpose of this article is to afford and provide an exemption
from general municipal taxes for developers and building owners to
convert nonresidential real property to residential housing units
and commercial mixed uses in accordance with New York State Real Property
Tax Law § 485-a.
This article is adopted pursuant to New York State Real Property
Tax Law § 485-a(2), which expressly authorizes the Village
of Massena to enact a local law providing for such exemption. The
definition of terms in New York Real Property Tax Law § 485-a
shall apply to the provisions of this article.
Beginning with assessment rolls prepared on the basis of taxable
status dates occurring on or after March 1, 2017, pursuant to New
York State Real Property Tax Law § 485-a, nonresidential
real property, upon conversion to mixed-use property, shall be exempt
from taxation and special ad valorem levies levied. 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 below. 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. Such exemption shall
be computed in accordance with the following table:
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
|
Any exemption pursuant to this article 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 and the Village of Massena.
Such application shall be filed with the Assessor of the Village of
Massena on or before the taxable status date of March 1.
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 provided in the article
commencing with the assessment roll prepared after the taxable status
date of March 1. The assessed value of any exemption granted pursuant
to this article shall be entered by the Assessor on the assessment
roll of the taxable property, with the amount of the exemption shown
in a separate column.