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.