This article shall be known as L.L. No. 1 of 2014, a local law
establishing a real property tax exemption for nonresidential real
property converted to mixed-use property pursuant to § 485-a
of the New York State Real Property Tax Law.
This article is enacted pursuant to the provisions of § 485-a
of the New York Real Property Tax Law to grant a partial exemption
from taxation to certain real property within the Town of Schroeppel
(the "Town") that has been converted to mixed commercial and residential
use.
As used in this article, the following terms shall have the
meanings indicated:
APPLICANT
Any person obligated to pay real property taxes on the property
for which an exemption from real property taxes under this article
is sought pursuant to the provisions of § 485-a of the New
York Real Property Tax Law.
COMMERCIAL CONSTRUCTION WORK
The modernization, rehabilitation, expansion or other improvement
of the portion of mixed-use property to be used for commercial purposes.
COMMERCIAL PURPOSE OR USE
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.
EXEMPTION BASE
The increase in the assessed value of real property attributable
to the amount invested, exclusive of the cost of ordinary maintenance
and repairs, to convert such real property to mixed-use property,
as hereafter defined.
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.
PERSON
An individual, corporation, limited liability company, partnership,
association, agency, trust, estate, foreign or domestic government
or subdivision thereof or other entity.
RESIDENTIAL CONSTRUCTION WORK
The creation, modernization, rehabilitation, expansion or
other improvement of dwelling units, other than dwelling units in
a hotel, in the portion of mixed-used property to be used for residential
purposes.
Such exemption shall be granted only upon application by the
owner of such real property on a form prescribed the New York State
Office of Real Property Tax Services. Such application shall be filed
with the Town Tax Assessor on or before the appropriate taxable status
date.
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 herein, commencing with the assessment roll prepared after the taxable status date referred to hereinabove at §
83-28. 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, with the amount of the exemption shown in a separate column.