2016 New York Laws
RPT - Real Property Tax
Article 4 - EXEMPTIONS
Title 2 - (420-A - 489) 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