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 Town of Thompson. 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 herein, have the same meanings
as may be accorded to them in the Real Property Tax Law.
Exemption for real property taxes for qualifying property in the Town of Thompson. Nonresidential real property in the Town of Thompson converted to mixed-use property after the effective date of this article shall be exempt from Town of Thompson real property taxes and special ad valorem levies to the extent provided for in § 485-a of the Real Property Tax Law and §
216-42 of this article.
In the event that a building granted an exemption pursuant to
this article ceases to be used as a nonresidential mixed-use property
or title thereto is transferred to other than the heirs or distributees
of the owner, the exemption shall cease.