[Adopted 2-14-2001 by L.L. No. 1-2001]
This article is adopted pursuant to § 485-g of the Real Property Tax Law authorizing the Town of Chenango to exempt the value of infrastructure improvement (e.g., streets, sewers, etc.) in residential developments that have been dedicated or are intended to be dedicated to the Town of Chenango.
Authorized exemptions on residential building lots within subdivision plots are exempt from a proportional share of the value attributed to the infrastructure improvements until certificates of occupancy are issued or three years from the granting of the exemption, whichever occurs first.
Applications for exemptions must be filed in the Town of Chenango Assessor's office within one year of the completion of the improvements; however, for qualifying improvements already completed as of the effective date of this article, there is an exception if application is made within one year of the adoption of this article.
Assessment rolls pertaining to exemption authorized herein shall be determined by the taxable status date of March 1.