NY Real Prop Tax L § 485-P (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2 - Private Property 485-P - Economic Transformation Area Exemption.

* §  485-p.  Economic  transformation  area  exemption.  1.  (a)  Real property constructed, altered, installed  or  improved  in  an  economic transformation  area  as  defined  in  subdivision  ten  of section four hundred of the economic development law  which  is  used  for  business, commercial  or  industrial  purposes  and  which  is owned by a business entity that has been issued a certificate  of  eligibility  pursuant  to subdivision   three   of  section  four  hundred  two  of  the  economic development law shall be exempt from taxation  and  special  ad  valorem levies by any municipal corporation in which located, for the period and to the extent herein provided, provided that the governing board of such municipal  corporation,  after  public  hearing,  adopts  a  local  law, ordinance or resolution providing therefore. Such local  law,  ordinance or  resolution  must  be  adopted  within three years of the date of the closure of a closed facility (as that term  is  defined  in  subdivision eleven  of section four hundred of the economic development law) located in the economic transformation area.  (b) The exemption so authorized shall be for a term of five years. The amount of such exemption shall be as follows:  (i) If  the  construction,  alteration,  installation  or  improvement occurs  on  or  at  the  site  of  the  closed  facility in the economic transformation area, then the exemption in the first year  of  its  term shall  be  fifty  percent  of  the "base amount," determined pursuant to subdivision two of this section. The amount  of  the  exemption  in  the second, third, fourth and fifth year of its term shall be forty percent, thirty  percent,  twenty  percent and ten percent, respectively, of such base amount.  (ii) If the  construction,  alteration,  installation  or  improvement occurs  in  the  economic  transformation  area  outside  of  the closed facility, then the exemption in the first year  of  its  term  shall  be twenty-five  percent  of  the  "base  amount,"  determined  pursuant  to subdivision two of this section. The amount  of  the  exemption  in  the second,  third,  fourth  and  fifth  year  of  its  term shall be twenty percent, fifteen percent, ten percent and five percent, respectively, of such base amount.   2. (a) The base amount of the exemption shall be  the  extent  of  the increase   in   assessed   value   attributable  to  such  construction, alteration, installation or improvement as  determined  in  the  initial year  for  which  application  for  exemption  is  made pursuant to this section. The base amount shall remain constant for the  authorized  term of the exemption, subject to the following:  (i)  If  there is subsequent construction, alteration, installation or improvement during the term of the exemption, the base amount  shall  be revised  to  include the increase in assessed value attributable to such construction, alteration, installation or improvement.  (ii) If a change in level of assessment of fifteen percent or more  is certified   for  an  assessment  roll  pursuant  to  the  rules  of  the commissioner, the base amount shall be adjusted by such change in  level of  assessment. The exemption on that assessment roll shall thereupon be recomputed, notwithstanding the fact  that  the  assessor  receives  the certification after the completion, verification and filing of the final assessment  roll. In the event the assessor does not have custody 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.  (b)  No  such  exemption  shall  be  granted  unless the construction, alteration, installation or improvement commenced within one year of the  date of the issuance of the certificate of eligibility to  the  property owner.  (c)  For  purposes of this section the terms construction, alteration, installation and improvement shall not include ordinary maintenance  and repairs.  (d) No such exemption shall be granted concurrently 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 five year exemption granted  pursuant to  this  section  less the number of years the property would have been previously exempt from real property taxes.   3. Such exemption shall be granted only upon application by the  owner of  such  real  property  on  a form prescribed by the commissioner. The original of such application shall be filed with  the  assessor  of  the assessing  unit.  Such  original application shall be filed on or before the appropriate taxable status date of such assessing unit and no  later than  one  year  from  the  date  of  completion  of  such construction, alteration, installation or improvement.   4. If the assessor receives an application by the owner  of  the  real property, he or she shall approve the application and such real property shall  thereafter  be exempt from taxation as herein provided commencing with the assessment roll prepared after the taxable status date referred to in subdivision three 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 entered in a separate column.   * NB Repealed December 31, 2026