City of Albany, NY
Albany County
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Table of Contents
Table of Contents
[Adopted 3-17-2003 by L.L. No. 4-2003[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
100% of exemption base
80% of exemption base
60% of exemption base
40% of exemption base
20% of exemption base
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.
For purposes of this section the term “conversion” shall not include ordinary maintenance and repairs.
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.