This article shall be known as the "Infrastructure Tax Exemption
Law." This article shall provide an exemption from certain real property
taxation on residential building lots of the value of the infrastructure
constructed in a residential subdivision that is intended to be dedicated
to the Town or one of its special districts.
As part of the approval process of residential subdivisions,
the Town (including its boards and departments) may require such subdivisions
to include infrastructure which is ultimately dedicated to the Town.
The additional value attributable to such infrastructure should be
exempt from taxation of the subdivision lots for three years or until
a certificate of occupancy is issued for a residence constructed on
a building lot in such subdivision (whichever is less), in order to
minimize the negative impact of the taxes on the affordability of
single-family and two-family residences in the Town.
As used herein, the following terms shall have the meaning indicated:
INFRASTRUCTURE
The following facilities which are intended to be dedicated
to the Town or a special district thereof: streets, storm and sanitary
sewers, drainage facilities, and any other facilities required by
the Town to be installed in a residential subdivision as noted on
the final plat plan for such residential subdivision.
NEW RESIDENTIAL SUBDIVISION
A residential subdivision approved by the Town after the
effective date of this article and which has a final plat filed with
the Tompkins County Clerk's office after the effective date of this
article.
RESIDENTIAL SUBDIVISION
The division of any parcel of land into any number of residential building lots, plots or sites as defined in Town Code Chapter
234 (Subdivision of Land).
TAXABLE STATUS DATE
The date determined annually as required in New York Real
Property Tax Law § 302.
The Town Board hereby enacts this article to provide for an
infrastructure tax exemption pursuant to New York Real Property Tax
Law § 485-g.
A copy of this article shall be filed with the New York State
Department of Taxation and Finance, which pursuant to New York Real
Property Tax Law § 201 has the powers, functions and duties
formerly granted to the Office of Real Property Services.