[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.
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.
