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.
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
|
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Year of Exemption
|
Percentage of Exemption
|
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1
|
100%
|
2
|
100%
|
3
|
100%
|
4
|
75%
|
5
|
75%
|
6
|
50%
|
7
|
50%
|
8
|
50%
|
9
|
25%
|
10
|
25%
|