NY Real Prop Tax L § 485-S-3 (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2 - Private Property 485-S*3 - Mixed Use Exemption Program for Villages.

* §  485-s.  Mixed  use  exemption program for villages. 1. As used in this section, the following terms shall have the following meanings:  (a) "Applicant" means any person obligated to pay real property  taxes on  the  property  for which an exemption from real property taxes under this section is sought.  (b) "Mixed-use property" means property with a building  or  structure used for both residential and commercial purposes.  (c)  "Person"  means  an  individual,  corporation,  limited liability company, partnership, association, agency,  trust,  estate,  foreign  or domestic government or subdivision thereof, or other entity.   2.  Any  village  with  a  population  greater than five thousand five hundred and less than five thousand six hundred based  upon  the  latest decennial  census  may,  by local law, provide for the exemption of real property from taxation as provided in this section. Upon the adoption of such a local law, the county and town in which such village  is  located may,  by  local  law,  and  any school district, all or part of which is located in such village, may, by resolution, exempt such  property  from its  taxation  in the same manner and to the same extent as such village has done.   3. Upon the adoption of such a local law, newly constructed  mixed-use property, shall be exempt from taxation and special ad valorem levies as provided for in subdivision four of this section.   4.  (a)  For  a  period  of  twenty  years  from  the  approval  of an application,  the  increase  in  assessed   value   of   such   property attributable  to  such  construction  shall  be  exempt  as  provided in paragraph (b) of this subdivision. Such exemption shall be computed with respect to the "exemption base". The exemption base shall be  determined for  each  year  in  which  there  is  an  increase in assessed value so attributable from that of the previous year's assessed value.  (b) The following table shall illustrate the computation  of  the  tax exemption: Year of exemption             Percentage of exemption 1-2                           90% of exemption base   3                           80% of exemption base   4                           75% of exemption base   5                           70% of exemption base   6                           65% of exemption base   7                           60% of exemption base   8                           55% of exemption base   9                           50% of exemption base  10                           45% of exemption base  11                           40% of exemption base  12                           35% of exemption base  13                           30% of exemption base  14                           25% of exemption base  15                           20% of exemption base  16                           15% of exemption base  17-18                        10% of exemption base  19-20                        5% of exemption base  (c)  No  such  exemption shall be granted unless such construction was commenced subsequent to the date on which the village's local  law  took effect.  (d)  No  such 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  twenty year exemption granted pursuant  to  this  section  less the number of years the property would have been previously exempt from real property taxes.   5. Such exemption shall be granted only upon application by the  owner of  such  real  property  on a form prescribed by the commissioner. Such application  shall  be  filed  with  the  assessor  on  or  before   the appropriate taxable status date.   6.  If  the assessor is satisfied that the applicant is entitled to an exemption pursuant  to  this  section,  he  or  she  shall  approve  the application  and  such  real  property  shall  thereafter be exempt from taxation and special ad valorem  levies  as  provided  in  this  section commencing  with  the  assessment roll prepared after the taxable status date referred to in subdivision five of this section. 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.   7. A local law or resolution adopted pursuant to this section  may  be repealed  by the governing body of the applicable village, county, town, or school district, provided that  such  repeal  shall  occur  at  least ninety  days  prior  to  the applicable taxable status date and provided further that no such local law or resolution shall repeal  an  exemption granted  pursuant to this section until the expiration of the period for which such exemption was granted.   * NB There are 3 § 485-s's