[Adopted 3-22-1977 by L.L. No. 2-1977;
amended in its entirety 11-19-2013 by L.L. No. 9-2013]
A.
Real property constructed, altered, installed or improved subsequent to the effective date of this article for the purpose of commercial, business or industrial activities that are set forth in the Industrial/Commercial Incentive Plan, Town of Southold, permitted uses pursuant to Chapter 280, Zoning, and which are identified parcels in the Industrial/Commercial Incentive Plan, Town of Southold, shall be eligible for an exemption from taxation and special ad valorem levies from each school district located within the area within which said exemption shall apply unless such school district, by resolution, shall determine that such exemptions shall not be applicable to its tax and ad valorem levies. For the purposes of this section, the terms "construction," "alteration," "installation" and "improvement" shall not include ordinary maintenance and repair.
B.
This exemption shall only apply to those projects where the cost
of such construction, alteration, installation or improvements exceeds
the sum of $50,000. The amount of the exemption shall be calculated
by taking the increase in the assessed value of such real property
attributable to such construction, alteration, installation or improvement
and reducing that increase in the assessed value of such real property,
on a declining percentage basis, pursuant to the following accelerated
strategic exemption schedule:
|
Year of Exemption
|
Percentage of Exemption
| |
|---|---|---|
|
1
|
50%
| |
|
2
|
50%
| |
|
3
|
50%
| |
|
4
|
40%
| |
|
5
|
30%
| |
|
6
|
20%
| |
|
7
|
10%
| |
|
8
|
10%
| |
|
9
|
10%
| |
|
10
|
5%
|
C.
No exemption shall be granted unless such construction, alteration,
installation or improvement is completed as may be evidenced by a
certificate of occupancy or other appropriate documentation as provided
by the owner.
D.
Application:
(1)
Such exemption shall be granted only upon application by the owner
of such real property on a form prescribed by the New York State Department
of Taxation and Finance. Such application shall be filed with the
Assessor of the Town having the power to assess property for taxation
on or before the appropriate taxable status date of the Town or county
and within one year from the date of completion of such construction,
alteration, installation or improvement.
(2)
If the Assessor is satisfied that the applicant is entitled to an
exemption pursuant to this article, he or she shall approve the application
and such real property shall thereafter be exempt from taxation and
special ad valorem levies, except for special ad valorem levies for
school district purposes, as herein provided, commencing with the
assessment roll prepared after the taxable status date of March 1
of each year. The assessed value of any exemption granted pursuant
to this article 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.
E.
In the event the real property granted an exemption pursuant to this
article ceases to be used primarily for eligible purposes as set forth
in the Industrial/Commercial Incentive Plan, Town of Southold, the
exemption granted shall cease.
