The purpose of this article is to encourage industrial and other
business enterprises to locate, expand and improve facilities in the
County of Cayuga and to provide job opportunities and job training
for residents of said County by granting an exemption to eligible
business facilities, as certified by the NYS Job Incentive Board,
from taxation and special ad valorem levies imposed by the County
of Cayuga for County and part-County purposes, for periods as specified
herein.
An "eligible business facility,", as defined by the NYS Job
Incentive Board, pursuant to §§ 115 and 120 of the
Commerce Law of the State of New York, shall be exempt from taxes
and special ad valorem levies imposed by the County of Cayuga for
County and part-County purposes, for any increase in the value thereof
which is attributable to expenditures certified by the Job Incentive
Board to have been paid or incurred by the owner or operator for capital
improvements to be added to the tax rolls at subsequent taxable status
dates after the effective date of the law, consisting of the construction,
reconstruction, erection or improvement of depreciable real property
included in such facility, and such exemptions shall be continued
year to year during the specified period, only if the certificate
of eligibility with respect to such business facility is not revoked
or modified and is renewed or extended as provided by § 120
of the Commerce Law.
Such exemption shall be granted only upon an application for
such exemption by the owner or operator of such facility on a form
prescribed by the NYS Job Incentive Board, to which there shall be
attached a copy of the certificate of eligibility issued by the NYS
Job Incentive Board. Such application shall be filed with the appropriate
assessing authorities on or before the appropriate taxable status
date. Copies of such applications shall be filed simultaneously with
the NYS Job Incentive Board and the State Board of Equalization and
Assessment.
The Assessors shall consider the application for such exemption
and, if the same is in order, shall determine the assessed value of
such exemption in accordance with the above-mentioned certificate
of eligibility issued pursuant to § 120 of the Commerce
Law of the State of New York, and enter such value on the exempt portion
of the assessment roll. The eligible business facility shall then
be exempt to the extent provided by this article from taxes and special
ad valorem levies, commencing with the assessment roll prepared on
the next-following taxable status date.
If an exemption has once been granted for a business facility
under this section and the Assessors receive notice that a certificate
of eligibility of such facility has been revoked or modified, they
shall redetermine the assessed value of any such exemption in accordance
with such revocation or modification. If, upon such redetermination,
it appears for a year for which an exemption has been granted that
such facility has been ineligible or that the assessed value of such
exemption as redetermined is less than the assessed value of such
exemption as shown on the assessment rolls for such year, then a tax
shall be levied at the rate of tax for such year upon so much of the
assessed valuation of such exemption, as shown on such assessment
rolls, as may be ineligible or excessive. Such tax shall be levied
as an omitted assessment in the manner provided in § 550
of the Real Property Tax Law for each such year. Any such redetermination
shall be made no later than three years after the applicant for exemption
last received benefit of any exemption under § 485 of the
Real Property Tax Law.
An exemption from taxation and special ad valorem levies imposed
by or in behalf of the County of Cayuga for County and part-County
purposes is hereby granted to eligible business facilities, as defined
in § 115 of the Commerce Law of the State of New York, located
in this County, in accordance with the following schedule:
A. A total exemption for the first year.
B. An 80% exemption for the second year.
C. A 50% exemption for each of the third and fourth years.
D. A 30% exemption for the fifth year.
E. A 20% exemption for the sixth year.
F. A 10% exemption for the seventh year.
G. A 5% exemption for each of the eighth and ninth years.
H. Full taxation in the 10th year.