[Adopted 3-17-2003 by L.L. No. 4-2003[1]]
[1]
Editor’s Note: This local law stated
that it would apply to assessment rolls prepared on the basis of taxable
status dates occurring on and after 1-1-2003.
The purpose of this article is to afford and
provide an exemption from general municipal taxes for developers and
building owners to convert office space and properties, formerly housing
warehouse, manufacturing and retail activities, to residential housing
units and commercial mixed uses in accordance with § 485-a
of the Real Property Tax Law of the State of New York (RPTL).
Nonresidential real property, upon conversion
to mixed-use property, shall be exempt from taxation and special ad
valorem levies levied, pursuant to § 485-a of the NYS Real
Property Tax Law. For a period of twelve years from the approval of
an application, the increase in assessed value of such property attributable
to such conversion shall be exempt as provided below. Such exemption
shall be computed with respect to the “exemption base.”
The exemption base shall be determined for each year in which there
is an increase in assessed value so attributable from that of the
previous year's assessed value. Such exemption shall be computed in
accordance with the following table:
|
Year of Exemption
|
Percentage of Exemption
|
|---|---|
|
1-8
|
100% of exemption base
|
|
9
|
80% of exemption base
|
|
10
|
60% of exemption base
|
|
11
|
40% of exemption base
|
|
12
|
20% of exemption base
|
A.
No such exemption shall be granted unless such conversion
was commenced subsequent to the date on which the exemption takes
effect; and the cost of such conversion exceeds the sum of $10,000.
B.
For purposes of this section the term “conversion”
shall not include ordinary maintenance and repairs.
C.
No such exemption shall be granted concurrent with
or subsequent to any other real property tax exemption granted to
the same improvements to real property, except where, during the period
of such previous exemption, payments in lieu of taxes or other payments
were made in an amount that would have been equal to or greater than
the amount of real property taxes that would have been paid on such
improvements had such property been granted an exemption pursuant
to this article. In such case, an exemption shall be granted for a
number of years equal to the twelve-year exemption granted pursuant
to this article less the number of years the property would have been
previously exempt from real property taxes.
Any exemption pursuant to this article shall
be granted only upon application by the owner thereof on the form
prescribed by the State Board. The application shall be filed with
the Assessor of the City of Albany on or before the taxable status
date of March 1 to be eligible for an exemption to be entered on the
assessment roll prepared on the basis of said taxable status date.
The definitions of “applicant,” “commercial
construction work,” “commercial purpose or use,” “mixed
use property,” “person” and “residential construction
work” shall be those set forth in § 485-a of the NYS
Real Property Tax Law.
