Town of Bedford, NY Article IV Property Tax Exemptions

[Adopted 10-17-1989 by L.L. No. 6-1989]

§ 110-9 Findings; purpose.

A. The Town Board of the Town of Bedford finds that there is an expressed need for and is authorized and empowered to enact a local law to provide certain tax exemptions to any cooperative, condominium, homesteading or rental project which receives payments, grants or loans pursuant to Article XVIII of the Private Housing Finance Law and on any new construction project which receives payments, grants or loans pursuant to Article XVIII of the Private Housing Finance Law or Article XIX of the Private Housing Finance Law.

B. By reason of the foregoing, the Town Board finds that the health, welfare and safety will be served by the adoption of a local law providing for certain tax exemptions for eligible housing.

§ 110-10 Exemption of cooperative, condominium, homesteading and rental projects.

Any cooperative, condominium, homesteading or rental project which receives payment, grants or loans pursuant to Article XVIII of the New York State Private Housing Finance Law or any new construction project which receives payment, grants or loans pursuant to Article XVIII or XIX of the Private Housing Finance Law shall be exempt from taxation as provided herein:

A. For a period of 20 years, such eligible properties, upon application, shall be exempted from all or any portion of the taxes imposed by the Town of Bedford, including those imposed by the school district, as permitted by law, other than assessments for local improvements for a period not to exceed 20 years in the aggregate after the taxable status date immediately following the creation thereof, calculated not to exceed the following exemptions:

(1) Twelve years of full exemption followed by two years of exemption from 80% of such taxation, followed by two years of exemption from 60% of such taxation, followed by two years of exemption from 40% of such taxation, followed by two years of exemption from 20% of such taxation.

(2) The tax exemption authorized by this section shall be in addition to any other tax exemption or abatement authorized by law.

B. In the event that a cooperative, condominium, homesteading or rental project ceases to be subject to one or more provisions of Article XVIII or XIX of the Private Housing Finance Law, pursuant to the provisions of paragraph (c) of Subdivision 6-a of § 1102 of such law, any tax exemption authorized pursuant to this Article with respect to the eligible property of such project shall terminate.