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

§  485-g. Infrastructure exemption. 1. A county, city, town or village   may by local law or a school district may by resolution provide that the   exemption  under  this  section   shall   be   applicable   within   its   jurisdiction. A copy of such local law or resolution shall be filed with   the office of real property services.2.  Residential building lots which are part of a subdivision plat for   residential development which includes  infrastructure  intended  to  be   dedicated  to the municipal corporation or a special district thereof in   accordance with the provisions of this  section  shall  be  exempt  from   taxation  to  the  extent  of  the increased assessed value of such lots   resulting from the addition of such infrastructure for  a  period  until   the  issuance  of a certificate of occupancy but in no event longer than   three years from granting of the exemption herein, which certifies  that   a  residence  is constructed on a building lot in such subdivision. Such   exemption shall be  the  value  of  the  infrastructure  proportionately   applied  to  each  of  the lots in the subdivision. Upon issuance of the   certificate of occupancy but in no event longer than  three  years  from   granting  of  the  exemption  herein,  the  exemption  provided  by this   subdivision shall lapse.3. For purposes of this section infrastructure shall be  comprised  of   the  following  public  facilities which are intended to be dedicated to   the municipal corporation or a special district thereof: streets,  storm   and  sanitary  sewers,  drainage  facilities  and  any  other facilities   required by  the  municipality  to  be  installed  in  such  residential   subdivision  as  noted  on  the  filed  plat  plan  for such residential   subdivision.4. Such exemption shall be granted only upon application by the  owner   of  the  real  property  on  a form prescribed and made available by the   office  of  real  property  services.  The  applicant  shall  file   the   information  as  required  by  the office of real property services. The   application  shall  be  filed  with  the  assessor  of  the  appropriate   assessing  unit.  Such  application  shall  be  filed  on  or before the   appropriate taxable status date of such assessing  unit  and  not  later   than  one  year  from  the  date  of  completion  of  such construction,   installation or improvement. On approved subdivision lots in which  such   infrastructure  has been completed as of the effective date of the local   law or school district resolution providing  that  the  exemption  under   this section shall be applicable within its jurisdiction and for which a   certificate  of occupancy has not been issued, application shall be made   within one year from the effective date of  such  local  law  or  school   district resolution.5.  If  the  assessor receives an application by the owner of the real   property, and  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 as herein provided commencing with the assessment roll prepared   after  the  taxable  status date referred to in subdivision four 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.6.  The  provisions  of  this section shall not apply to a city with a   population of one million or more.