[Adopted 4-7-1977 as part of L.L. No. 1-1977]
Pursuant to the authority of Subdivision 7 of § 485-b of the Real Property Tax Law of the State of New York and any and all amendments thereto, there is hereby established a business investment exemption pursuant to § 485-b of the Real Property Tax Law.
[Amended 6-5-1986 by L.L. No. 1-1986; 11-2-2006 by L.L. No. 3-2006]
The maximum business investment exemption for eligible business facilities is established by adopting Real Property Tax Law § 485-b, as amended by Chapter 144, § 3, Laws of 2000, effective July 11, 2000, which provides, in pertinent part, as follows:
Real property constructed, altered, installed or improved subsequent to the second day of November 2006, for the purpose of commercial, business or industrial activity shall be exempt from taxation and special ad valorem levies, except for special ad valorem levies for fire district, fire protection district and fire alarm district purposes, to the extent hereinafter provided.
Terms of exemption.
Such real property shall be exempt for a period of one year to the extent of 20% 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 2% each year during such additional period of nine years, and such exemption shall be computed with respect to the exemption base. The exemption base shall be 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 a final assessment roll pursuant to the rules of the State Board, the exemption base shall be multiplied by a fraction, the numerator of which shall be the total assessed value of the parcel on such final assessment roll (after accounting for any physical or quantity changes to the parcel since the immediate preceding assessment roll), and the denominator of which shall be the total assessed value of the parcel on the immediate preceding final assessment roll. The result shall be the new exemption base. The exemption shall be recomputed to take into account the new exemption base, notwithstanding the fact that the Assessor receives the certification of the change in level of assessment after the completion, verification and filing of the final assessment roll. In the event that the Assessor does not have custody and control 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 Assessor shall give written notice of such recomputed exemption to the property owner, who may, if he or she believes that the exemption was recomputed incorrectly, apply for a correction in the manner provided by Title 3 of Article 5 of the New York State Real Property Tax Law for the correction of clerical errors. The following table shall illustrate the computation of the tax exemption:
|Year of Exemption||Percentage of Exemption|
No such exemption shall be granted unless:
Such construction, alteration, installation or improvement was commenced subsequent to the second day of November 2006;
The cost of such construction, alteration, installation or improvement exceeds the sum of $10,000; and
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.
For purposes of this subsection, the terms "construction," "alteration," "installation" and "improvement" shall not include ordinary maintenance and repairs.
No such exemption shall be granted concurrent with or subsequent to any other exemption which may be authorized by this chapter with respect to the same improvements to real property.
Such exemption shall be granted only upon application by the owner of such real property on a form prescribed by the State Board. The original of such application shall be filed with the Assessor of Town of Webster. Such original application shall be filed on or before the appropriate taxable status date of the Town, and within one year from the date of completion of such construction, alteration, installation or improvement. A copy thereof shall be filed with the State Board.
If the Assessor is satisfied that the applicant is entitled to an exemption pursuant to this section, the Assessor shall approve the application, and such real property shall thereafter be exempt from taxation, special ad valorem levies and service charges as herein provided, commencing with the assessment roll prepared after the taxable status date referred to in Subsection C of this section. The assessed value of any exemption granted pursuant to this section shall be entered by the Assessor on the portion of the assessment roll provided for property exempt from taxation.
The provisions of this section shall apply to real property used primarily for the buying, selling, storing or developing of goods or services, the manufacture or assembly of goods or the processing of raw materials. This section shall not apply to property used primarily for the furnishing of dwelling space or accommodations to either residents or transients other than hotels or motels.
In the event that real property granted an exemption pursuant to this section ceases to be used primarily for eligible purposes, the exemption granted pursuant to this section shall cease.
The Town may, by local law, reduce the per centum of exemption otherwise allowed pursuant to this section; provided, however, that a project in course of construction and exemptions existing prior in time to passage of any such local law or resolution shall not be subject to any such reduction so effected. The Town, thereafter, by local law may increase the per centum of exemption up to any per centum not exceeding the maximum allowed by Subsection B of this section; provided, however, any such local law shall apply only to construction, alterations, installations or improvements commenced subsequent to the effective date of such local law. A copy of all such local laws shall be filed with the State Board.
The Town of Webster may, by local law, establish a board to be known as the "Industrial and Commercial Incentive Board" for the purpose of advising the Governing Board thereof of the exercise of its options available pursuant to Subsection G of this section. Such Board may also review the economic conditions of the Town of Webster, and make recommendations on the basis of such review to the appropriate Governing Board with respect to actions it deems desirable to improve the economic climate therein. The membership and composition of such Board shall be set forth in the local law. The powers and duties of an Industrial and Commercial Incentive Board may be assigned by the Governing Board to any other appropriate officer, board, body or commission of the Town of Webster.