[Adopted 11-27-1984 by L.L. No. 21-1984]
[1]
Editor's Note: See also Ch. 216, Low-Income, Moderate-Income and Senior Citizen Housing.
For the purposes of this article, the following terms shall have the meanings indicated:
HOUSING DEVELOPMENT
A housing development, as defined in § 42 of the Private Housing Finance Law of the State of New York, subject to a mortgage, the loan for which was made or financed by notes, bonds or other obligations of the New York State Housing Finance Agency, the interest on which is exempt from taxation pursuant to the Internal Revenue Code of 1954, as amended.
Any new or rehabilitated housing development shall be exempt from taxation as provided herein. This exemption shall apply only to housing developments constructed or rehabilitated after the effective date of this article.
A. 
A housing development shall be exempt from all taxes imposed by the Town to the extent provided in this subsection:
Period of Exemption
Percent of Exemption
During construction or rehabilitation
100%
First 3 years after completion
100%
Year 4 to year 6
80%
Year 7 to year 9
60%
Year 10 to year 12
40%
Year 13 to year 15
20%
After year 15
0%
B. 
A housing development shall be deemed complete upon the issuance of a certificate of occupancy for said development. The fifteen-year exemption period shall begin in the year after the taxable status date following the issuance of a certificate of occupancy.
C. 
Assessments for local improvements, such as special districts or street improvements, shall not be subject to the exemption granted by this article.
D. 
That portion of an assessment of a housing development which represents the assessment on said land and improvements thereon during the tax year preceding the commencement of construction or rehabilitation shall not be subject to the exemption granted by this article.
E. 
A housing development shall not be eligible for any other exemption provided under any other law concurrent with the exemption provided under this article.
F. 
A housing development shall be eligible for an exemption under this article as long as it is subject to a mortgage as described in § 298-7 of this article.
G. 
A housing development shall be eligible for an exemption under this article as long as said development is utilized for residential purposes.