[Adopted 11-18-1995 by L.L. No. 9-1995]
A. 
Real property constructed, altered, installed or improved subsequent to the effective date of this Article for the purpose of commercial, business or industrial activity shall be exempt from taxation and special ad valorem levies to the extent herein provided.
[Amended 4-13-1996 by L.L. No. 4-1996]
B. 
Such real property shall be exempt for a period of one year to the extent of 50% of the increase in assessed value thereof attributable to such construction, alteration, installation or improvement and for an additional period of nine years; provided, however, that the extent of such exemption shall be decreased by 5% each year during such additional nine years, and such exemption shall be computed with respect to the increase in assessed value as determined in the initial year of such ten-year period following the filing of an original application; provided, however, that in any year in which a change in level of assessment of 15% or more is certified for an assessment roll pursuant to the rules of the State Board, the exemption shall be recomputed to take into account the increase in assessed value due to the change in level of assessment, notwithstanding the fact that the Assessor receives the certification after the completion, verification and filing of the final assessment roll. In the event that the Assessor does not have custody of the roll when such certification is received, the Assessor shall certify the recomputed exemption to the local officers having custody and control of the roll, and such local officers are hereby directed and authorized to enter the recomputed exemption certified by the Assessor on the roll. The following table shall illustrate the computation of the tax exemption:
Year of Exemption
Percent of Exemption
1
50
2
45
3
40
4
35
5
30
6
25
7
20
8
15
9
10
10
5
C. 
No exemption shall be granted unless:
(1) 
Such construction, alteration, installation or improvement was commenced subsequent to the effective date of this Article.
(2) 
The cost of such construction, alteration, installation or improvement exceeds the sum of $10,000.
(3) 
Such construction, alteration, installation or improvement is completed as may be evidenced by a certificate of occupancy or other appropriate documentation as provided by the owner.
D. 
For the purposes of this section, the terms "construction," "alteration," "installation" or "improvement" shall not include ordinary maintenance and repairs.
E. 
No 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 to the local government 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 section. In such case, an exemption shall be granted for a number of years equal to the ten-year exemption granted, pursuant to this section, less the number of years the property would have been previously exempt from real property taxes.
[Amended 4-13-1996 by L.L. No. 4-1996]
A. 
Such exemption shall be granted only upon application by the owner of such real property on a form prescribed by the State Board and available from the Village Assessor. Such application shall be filed with the Assessor of the village on or before January 1 of each year and within one year from the date of completion of such construction, alteration, installation or improvement. A copy of said application shall also be filed with the State Board.
B. 
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this section, he shall approve the application and such real property shall thereafter be exempt from taxation and special ad valorem levies as herein provided commencing with the assessment roll prepared after the taxable status date referred to in § 124-5A of this Article. The assessed value of any exemption granted pursuant to this section shall be entered by the Assessor on the assessment roll with the taxable property with the amount of the exemption shown in a separate column.