[Adopted 10-22-2018 by L.L. No. 1-2019]
Pursuant to the provisions of § 485-a of the Real
Property Tax Law of the State of New York, the Village of Fayetteville
Board of Trustees is authorized to adopt a partial real property tax
exemption for nonresidential property converted to a mix of residential
and commercial uses in the Village. This article shall allow real
property constructed, altered, installed or improved for the purpose
of mixed-use activity to be exempt from taxation, special ad valorem
levies and service charges pursuant to Real Property Law § 485-a
to the extent hereinafter provided.
As used in this article, the following terms shall have the
following meanings:
Any person obligated to pay real property taxes on the property
for which an exemption from real property taxes under this section
is sought.
The modernization, rehabilitation, expansion or other improvement
of the portion of mixed-use property to be used for commercial purposes.
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.
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.
An individual, corporation, limited liability company, partnership,
association, agency, trust, estate, foreign or domestic government
or subdivision thereof, or other entity.
The creation, modernization, rehabilitation, expansion or
other improvement of dwelling units, other than dwelling units in
a hotel, in the portion of mixed-use property to be used for residential
purposes.
Nonresidential real property, upon conversion to mixed-use property,
shall be exempt from taxation and special ad valorem levies as follows:
A.
Tax exemption computation.
(1)
For a period of 12 years from the approval of an application, the increase in assessed value of such property attributable to such conversion shall be exempt as provided in Subsection A(2) of this section. Such exemption shall be computed with respect to the "exemption base". 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.
(2)
The following table shall illustrate the computation of the tax exemption:
|
Year of Exemption
|
Percentage of Exemption
|
|---|---|
|
1 through 8
|
100% of exemption base
|
|
9
|
80% of exemption base
|
|
10
|
60% of exemption base
|
|
11
|
40% of exemption base
|
|
12
|
20% of exemption base
|
C.
For purposes of this section the term conversion shall not include
ordinary maintenance and repairs.
D.
No such exemption shall be granted concurrent with or subsequent
to any other real property tax exemption granted to the same improvements
to real property, except, where during the period of such previous
exemption, payments in lieu of taxes or other payments were made to
the Village of Fayetteville in an amount that would have been equal
to or greater than the amount of real property taxes that would have
been paid on such improvements had such property been granted an exemption
pursuant to this section. In such case, an exemption shall be granted
for a number of years equal to the twelve-year exemption granted pursuant
to this section less the number of years the property would have been
previously exempt from real property taxes.
Such exemption shall be granted only upon application by the
owner of such real property on a form prescribed by New York State.
Such application shall be filed with the assessor of the Village of
Fayetteville having the power to assess property for taxation on or
before the appropriate taxable status date of the Village.
If the assessor is satisfied that the applicant is entitled
to an exemption pursuant to this section, he or she shall approve
the application and such real property shall thereafter be exempt
from taxation and special ad valorem levies as in this section provided
commencing with the assessment roll prepared after the taxable status
date referred to in subdivision five of this section. The assessed
value of any exemption granted pursuant to this section 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.
