As part of the approval process of residential
subdivisions, the Town and its agencies 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 a limited period
of time and until a certificate of occupancy is issued on the lots
in order to minimize the negative impact of the taxes on the affordability
of single-family residences in the town.
As used herein, the following terms shall have
the meaning indicated:
INFRASTRUCTURE
Facilities which are intended to be dedicated to the Town
or a special district thereof, including streets, storm and sanitary
sewers, drainage facilities and any other facilities required by the
Town or its agencies to be installed in a residential subdivision
as part of the approval process and the filing of the final plat for
such residential subdivision.
NEW RESIDENTIAL SUBDIVISION
A subdivision approved by the Town or its agencies and the
plat filed with the 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, blocks or sites as provided in the town's ordinances,
local laws and regulations.
The Town Board hereby enacts this article to
provide for an infrastructure tax exemption pursuant to Chapter 361
of the Laws of 1998, codified as Real Property Tax Law § 485-g.
A copy of this article shall be filed with the
Office of Real Property Services.