2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 2 - Private Property › 485-E - Empire Zone Exemption.

§  485-e.  Empire  zone  exemption.  1. (a) Real property constructed,
altered, installed or improved in an  area  designated  an  empire  zone
pursuant  to  article  eighteen-B  of the general municipal 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 therefor.
(b) For exemptions commencing in the first seven years from  the  date
on which the empire zone was designated, the amount of such exemption in
any  of  these  years shall be one hundred percent of the "base amount",
determined pursuant to subdivision two of this section. In  the  eighth,
ninth and tenth years, the amount of the exemption shall be seventy-five
percent,  fifty  percent, and twenty-five percent, respectively, of such
base amount.
(c) For exemptions commencing in the eighth,  ninth  and  tenth  years
from  the  date  on  which the empire zone was designated, the amount of
such  exemption  shall  be  seventy-five  percent,  fifty  percent   and
twenty-five  percent,  respectively,  of  the  "base amount", determined
pursuant to subdivision two of this section.
1-a. (a) A municipal  corporation  may  provide  in  such  local  law,
ordinance  or  resolution,  or  in  a  separate  local law, ordinance or
resolution  adopted  after  public  hearing,  that  the   exemption   so
authorized  shall  be  for a term of ten years, notwithstanding that the
designation of the zone may expire prior to the end  of  such  ten  year
term.  Any  such  local law, ordinance or resolution shall be applicable
only to exemptions commencing on assessment rolls  with  taxable  status
dates  on  or  after  the effective date of such local law, ordinance or
resolution.
(b) Where such local law, ordinance or resolution  has  been  adopted,
the  amount of such exemption in the first seven years of its term shall
be one hundred percent of the  "base  amount,"  determined  pursuant  to
subdivision  two  of  this  section.  The amount of the exemption in the
eighth, ninth, and  tenth  years  of  its  term  shall  be  seventy-five
percent,  fifty  percent  and twenty-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, pursuant to article
eighteen-B of the general municipal law:
(1)  notice  of the designation of the empire zone has been filed with
the clerk of the assessing unit by the commissioner  on  or  before  the
applicable taxable status date;
(2)   the   construction,   alteration,  installation  or  improvement
commenced on or after the date the empire zone was designated; and
(3) the designation of the empire zone has not ended and has not  been
terminated  by  the  commissioner  on  or  before the applicable taxable
status date.
(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 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 ten 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 the notice described in  subparagraph  (b)
of  subdivision  two  of this section and an application by the owner of
the real property, he  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.
5.  Exemptions  existing  prior  in  time  to  the  termination of the
designation of an empire zone by the commissioner, or, in the case of  a
municipal  corporation  which  has  adopted  a  local  law, ordinance or
resolution pursuant to subdivision one-a of this section, prior in  time
to  the  expiration  of  such  designation,  shall  continue  as  if the
designation  of  the  empire  zone  had  not  been  terminated,  or,  if
applicable,  had  not  expired;  provided,  however,  that  any  further
increase  in  the  value  attributable  to   construction,   alteration,
installation   or  improvement  commenced  subsequent  to  the  date  of
termination, or, if applicable, the date of  expiration,  shall  not  be
eligible for exemption pursuant to this section.