2023 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