[Adopted 7-17-1978 by L.L. No. 1-1978]
An exemption from taxation and special ad valorem levies for 10 successive years after the adoption hereof is hereby granted, in accordance with attached Schedule A, to eligible business facilities as defined in § 115 of the Commerce Law of the State of New York, located in the Town of Cortlandville, from taxes and special ad valorem levies imposed for Town purposes.
An eligible business facility, as defined by the New York State Job Incentive Board pursuant to §§ 115 and 120 of the Commerce Law of the State of New York, shall be exempt from taxes and special ad valorem levies imposed by the Town of Cortlandville for Town purposes for any increase in the value thereof which is attributable to expenditures certified by the Job Incentive Board to have been paid or incurred by the owner or operator for capital improvements commenced on or after January 1, 1977, consisting of the construction, reconstruction, erection or improvement of depreciable real property included in such facility, and such exemptions shall be continued from year to year during the specified period only if the certificate of eligibility with respect to such business facility is not revoked or modified and is renewed or extended as provided by § 120 of the Commerce Law.
Such exemption shall be granted only upon an application by the owner or operator of such facility on a form prescribed by the New York State Job Incentive Board, to which there shall be attached a copy of the certificate of eligibility issued by the New York State Job Incentive Board. Such application shall be filed with the Assessor of the Town of Cortlandville on or before the appropriate taxable-status dates. Copies of such applications shall be filed simultaneously with the New York State Job Incentive Board and the State Board of Equalization and Assessment.[1]
[1]
Editor's Note: The State Board of Equalization and Assessment was changed to the Board of Real Property Services by L.1994, c. 385.
The Assessor shall consider the application for such exemption and, if the same is in order, shall determine the assessed value such exemption in accordance with the above-mentioned certificate of eligibility, issued pursuant to § 120 of the Commerce Law of the State of New York, and enter the appropriate percentage of such value on the "exempt" portion of the assessment roll in accordance with Schedule A. The eligible business facility shall then be exempt to the extent provided by this article from taxes and special ad valorem levies commencing with the assessment roll prepared on the next-following taxable-status date.
If an exemption has once been granted for a business facility under this article and the Assessor receives notice that a certificate of eligibility of such facility has been revoked or modified, they shall redetermine the assessed value of any such exemption in accordance with such revocation or modification. If upon such redetermination it appears for a year for which an exemption has been granted that such facility has been ineligible or that the assessed value of such property, as redetermined, is less than the assessed value of such exemption as shown on the assessment rolls for such year, then a tax shall be levied at the rate of tax for such year upon so much of the assessed valuation of such exemption as shown on such assessment rolls as may be ineligible or excessive. Such tax shall be levied as an omitted assessment in the manner provided in § 550 of the Real Property Tax Law for each such year. Any such redetermination shall be made no later than three years after the applicant for exemption last received benefit of any exemption under § 485 of the Real Property Tax Law.
The percentage of exemption under § 485-b of the Real Property Tax Law is hereby reduced to zero for eligible business facilities which are granted exemptions pursuant to § 144-1 of this article.
Schedule A
Year of Exemption
Percentage of Exemption
1
100%
2
100%
3
100%
4
75%
5
75%
6
50%
7
50%
8
50%
9
25%
10
25%