Village of Monticello, NY
Sullivan County
By using eCode360 you agree to be legally bound by the Terms of Use. If you do not agree to the Terms of Use, please do not use eCode360.
Table of Contents
Table of Contents
[Adopted 5-1-2019 by L.L. No. 3-2019]
The purpose 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 (also known as the "residential-commercial urban exemption") in the Village of Monticello. This article shall be read in conjunction with, and in accordance with, the provisions of § 485-a of the Real Property Tax Law to effectuate the real property tax exemption hereby authorized, and all words and phrases used in this article shall, to the extent they are defined therein, have the same meanings as may be accorded to them in the Real Property Tax Law.
Nonresidential real property in the Village of Monticello converted to mixed-use property after the effective date of this article shall be exempt from Village of Monticello real property taxes and special ad valorem levies to the extent provided for in § 485-a of the Real Property Tax Law and § 226-36 of this article.
A. 
For a period of 12 years from the approval of an application for exemption, the increase in assessed value of such property attributable to such conversion shall be exempt to the following extent, computed with respect to the exemption base:
Year(s) of Exemption
Percentage of Exemption
1 through 8
100%
9
80%
10
60%
11
40%
12
20%
(1) 
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.
B. 
No such exemption shall be granted unless:
(1) 
Such conversion was commenced subsequent to the effective date of this article; and
(2) 
The cost of such conversion exceeds the sum of $100,000.
C. 
For purposes of this article and the exemption hereby established, the term "conversion" shall not include ordinary maintenance and repairs.
D. 
The residential-commercial urban exemption shall not be granted concurrent with or subsequent to any other real property tax exemption granted to the same improvements to real property, except to the extent permitted under § 485-a of the Real Property Tax Law.
If any clause, sentence, paragraph, subdivision, section or part of this article or the application thereof to any person, individual, corporation, firm, partnership, entity or circumstance shall be adjudged by any court of competent jurisdiction to be invalid or unconstitutional, such order or judgment shall not affect, impair, or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, subdivision, section or part of this article or in its application to the person, individual, corporation, firm, partnership, entity or circumstance directly involved in the controversy in which such order or judgment shall be rendered.
This article shall take effect upon filing pursuant to the provisions of the New York State Municipal Home Rule Law.