2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 2 - Private Property › 485-F - Banking Development Districts.

§  485-f.  Banking  development  districts.  1. Real property altered,
constructed, installed, or improved for use as a branch of a bank, trust
company or national bank in an area designated as a banking  development
district by the superintendent of financial services pursuant to section
ninety-six-d  of  the  banking  law  shall  be  exempt from taxation and
special ad valorem levies by any municipal corporation in which located,
for a period of ten years, provided that the  governing  board  of  such
municipal  corporation,  after  a  public  hearing,  adopts a local law,
ordinance, or resolution providing therefor.
2. Where such local law, ordinance, or resolution  has  been  adopted,
such  real property which is used to establish a branch of a bank, trust
company or national bank in a  banking  development  district  shall  be
exempt  for  a  period of one year of fifty per centum of the "exemption
base", determined pursuant to subdivision three of this  section,    and
such  exemption  shall  be decreased by five per centum each year during
such additional  period.  A  copy  of  such  local  law,  ordinance,  or
resolution shall be filed with the commissioner and the assessor of such
county, city, town, or village who prepares the assessment roll on which
the  taxes  of  such county, city, town, village, or school district are
levied.
3. (a) The "exemption base" shall be the extent  of  the  increase  in
assessed   value   attributable   to   such   alteration,  construction,
installation, or improvement as determined in the initial year for which
application for exemption is made pursuant to this  section,  except  as
provided in subparagraph (ii) of this paragraph.
(i)  If there is subsequent alteration, construction, installation, or
improvement during the term of the exemption, the exemption  base  shall
be  revised  to  include  the increase in assessed value attributable to
such alteration, construction, installation, or improvement.
(ii) If in any year 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 exemption base shall be adjusted  by  such  change  in
level  or  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 that 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. 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 three of article five
of this chapter for the correction of clerical errors.
(iii) The following table shall illustrate the computation of the  tax
exemption:
Year of exemption          Percentage of exemption
1                                50
2                                45
3                                40
4                                35
5                                30
6                                25
7                                20
8                                15
9                                10
10                               5
(b) No exemption shall be granted pursuant to this section, unless:
(i)   the   alteration,  construction,  installation,  or  improvement
commenced on or after either the date the banking  development  district
was  designated  by the superintendent of financial services pursuant to
section ninety-six-d of the banking law or, if specified in  local  law,
ordinance,  or  resolution  adopted  pursuant to subdivision one of this
section, the effective date of such local law, resolution or  ordinance;
and
(ii)  the  property  is  located  in  a  banking  development district
designated by the  superintendent  of  financial  services  pursuant  to
section ninety-six-d of the banking law.
(c)  For  purposes of this section the terms alteration, construction,
installation or improvement shall not include ordinary  maintenance  and
repairs.
4.  Such  exemption  shall be granted only upon written application of
the owner of such real property on a form prescribed by the state board.
The application shall be filed with the assessor of  the  county,  city,
town,  or village having the power to assess property for taxation on or
before the appropriate taxable status date of such county,  city,  town,
or village. Such 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   alteration,   construction,
installation, or improvement.
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 and  special
ad  valorem  levies  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.