Bill Text: NY A02384 | 2015-2016 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relates to a mixed use exemption program in certain villages.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2016-09-29 - signed chap.334 [A02384 Detail]
Download: New_York-2015-A02384-Introduced.html
Bill Title: Relates to a mixed use exemption program in certain villages.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2016-09-29 - signed chap.334 [A02384 Detail]
Download: New_York-2015-A02384-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
2384
2015-2016 Regular Sessions
I N A S S E M B L Y
January 16, 2015
___________
Introduced by M. of A. BARRETT -- read once and referred to the Commit-
tee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to a property
investment exemption in certain villages
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. The real property tax law is amended by adding a new
2 section 485-r to read as follows:
3 S 485-R. PROPERTY INVESTMENT EXEMPTION; CERTAIN VILLAGES. 1. REAL
4 PROPERTY CONSTRUCTED, ALTERED, INSTALLED OR IMPROVED SUBSEQUENT TO THE
5 FIRST DAY OF JULY, TWO THOUSAND FOURTEEN FOR THE PURPOSE OF MULTI-FAMILY
6 RESIDENTIAL, MIXED USE, COMMERCIAL, BUSINESS OR INDUSTRIAL ACTIVITY IN
7 VILLAGES WITH A POPULATION OF NOT LESS THAN FIVE THOUSAND AND NOT MORE
8 THAN SIX THOUSAND IN COUNTIES WITH A POPULATION OF NOT LESS THAN TWO
9 HUNDRED NINETY THOUSAND AND NOT MORE THAN THREE HUNDRED FIVE THOUSAND
10 MAY BE EXEMPT FROM TAXATION AND SPECIAL AD VALOREM LEVIES, EXCEPT FOR
11 SPECIAL AD VALOREM LEVIES FOR FIRE DISTRICT, FIRE PROTECTION DISTRICT
12 AND FIRE ALARM DISTRICT PURPOSES AS PROVIDED IN THIS SECTION.
13 2. (A) (I) SUCH REAL PROPERTY SHALL BE EXEMPT FOR A PERIOD OF ONE YEAR
14 TO THE EXTENT OF SIXTY PER CENTUM OF THE INCREASE IN ASSESSED VALUE
15 THEREOF ATTRIBUTABLE TO SUCH CONSTRUCTION, ALTERATION, INSTALLATION OR
16 IMPROVEMENT AND FOR AN ADDITIONAL PERIOD OF NINE YEARS PROVIDED, HOWEV-
17 ER, THAT THE EXTENT OF SUCH EXEMPTION SHALL BE DECREASED BY NO LESS THAN
18 FIVE PER CENTUM EACH YEAR DURING SUCH ADDITIONAL PERIOD OF NINE YEARS
19 AND SUCH EXEMPTION SHALL BE COMPUTED WITH RESPECT TO THE "EXEMPTION
20 BASE." THE EXEMPTION BASE SHALL BE THE INCREASE IN ASSESSED VALUE AS
21 DETERMINED IN THE INITIAL YEAR OF SUCH TEN YEAR PERIOD FOLLOWING THE
22 FILING OF AN ORIGINAL APPLICATION, EXCEPT AS PROVIDED IN SUBPARAGRAPH
23 (II) OF THIS PARAGRAPH.
24 (II) IN ANY YEAR IN WHICH A CHANGE IN LEVEL OF ASSESSMENT OF FIFTEEN
25 PERCENT OR MORE IS CERTIFIED FOR A FINAL ASSESSMENT ROLL PURSUANT TO THE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD05141-01-5
A. 2384 2
1 RULES OF THE STATE BOARD, THE EXEMPTION BASE SHALL BE MULTIPLIED BY A
2 FRACTION, THE NUMERATOR OF WHICH SHALL BE THE TOTAL ASSESSED VALUE OF
3 THE PARCEL ON SUCH FINAL ASSESSMENT ROLL (AFTER ACCOUNTING FOR ANY PHYS-
4 ICAL OR QUANTITY CHANGES TO THE PARCEL SINCE THE IMMEDIATELY PRECEDING
5 ASSESSMENT ROLL), AND THE DENOMINATOR OF WHICH SHALL BE THE TOTAL
6 ASSESSED VALUE OF THE PARCEL ON THE IMMEDIATELY PRECEDING FINAL ASSESS-
7 MENT ROLL. THE RESULT SHALL BE THE NEW EXEMPTION BASE. THE EXEMPTION
8 SHALL THEREUPON BE RECOMPUTED TO TAKE INTO ACCOUNT THE NEW EXEMPTION
9 BASE, NOTWITHSTANDING THE FACT THAT THE ASSESSOR OR TREASURER RECEIVES
10 THE CERTIFICATION OF THE CHANGE IN LEVEL OF ASSESSMENT AFTER THE
11 COMPLETION, VERIFICATION AND FILING OF THE FINAL ASSESSMENT ROLL. IN THE
12 EVENT THE ASSESSOR OR TREASURER DOES NOT HAVE CUSTODY OF THE ROLL WHEN
13 SUCH CERTIFICATION IS RECEIVED, THE ASSESSOR OR TREASURER SHALL CERTIFY
14 THE RECOMPUTED EXEMPTION TO THE LOCAL OFFICERS HAVING CUSTODY AND
15 CONTROL OF THE ROLL, AND SUCH LOCAL OFFICERS ARE HEREBY DIRECTED AND
16 AUTHORIZED TO ENTER THE RECOMPUTED EXEMPTION CERTIFIED BY THE ASSESSOR
17 OR TREASURER ON THE ROLL. THE ASSESSOR OR TREASURER SHALL GIVE WRITTEN
18 NOTICE OF SUCH RECOMPUTED EXEMPTION TO THE PROPERTY OWNER, WHO MAY, IF
19 HE OR SHE BELIEVES THAT THE EXEMPTION WAS RECOMPUTED INCORRECTLY, APPLY
20 FOR A CORRECTION IN THE MANNER PROVIDED BY TITLE THREE OF ARTICLE FIVE
21 OF THIS CHAPTER FOR THE CORRECTION OF CLERICAL ERRORS.
22 (III) THE FOLLOWING TABLE SHALL ILLUSTRATE THE COMPUTATION OF THE TAX
23 EXEMPTION:
24 YEAR OF EXEMPTION PERCENTAGE OF EXEMPTION TO BE NO MORE THAN:
25 1 60
26 2 55
27 3 50
28 4 45
29 5 40
30 6 35
31 7 30
32 8 25
33 9 20
34 10 15
35 (B) NO SUCH EXEMPTION SHALL BE GRANTED UNLESS:
36 (1) SUCH CONSTRUCTION, ALTERATION, INSTALLATION OR IMPROVEMENT WAS
37 COMMENCED SUBSEQUENT TO THE FIRST DAY OF JULY, TWO THOUSAND FOURTEEN OR
38 SUCH LATER DATE AS MAY BE SPECIFIED BY LOCAL LAW OR RESOLUTION;
39 (2) THE COST OF SUCH CONSTRUCTION, ALTERATION, INSTALLATION OR
40 IMPROVEMENT EXCEEDS THE SUM OF TEN THOUSAND DOLLARS OR SUCH GREATER
41 AMOUNT AS MAY BE SPECIFIED BY LOCAL LAW OR RESOLUTION; AND
42 (3) SUCH CONSTRUCTION, ALTERATION, INSTALLATION OR IMPROVEMENT IS
43 COMPLETED AS MAY BE EVIDENCED BY A CERTIFICATE OF OCCUPANCY OR OTHER
44 APPROPRIATE DOCUMENTATION AS PROVIDED BY THE OWNER.
45 (C) FOR PURPOSES OF THIS SECTION THE TERMS CONSTRUCTION, ALTERATION,
46 INSTALLATION AND IMPROVEMENT SHALL NOT INCLUDE ORDINARY MAINTENANCE AND
47 REPAIRS.
48 (D) NO SUCH EXEMPTION SHALL BE GRANTED CONCURRENT WITH OR SUBSEQUENT
49 TO ANY OTHER REAL PROPERTY TAX EXEMPTION GRANTED TO THE SAME IMPROVE-
50 MENTS TO REAL PROPERTY, EXCEPT, WHERE DURING THE PERIOD OF SUCH PREVIOUS
51 EXEMPTION, PAYMENTS IN LIEU OF TAXES OR OTHER PAYMENTS WERE MADE TO THE
52 LOCAL GOVERNMENT IN AN AMOUNT THAT WOULD HAVE BEEN EQUAL TO OR GREATER
53 THAN THE AMOUNT OF REAL PROPERTY TAXES THAT WOULD HAVE BEEN PAID ON SUCH
54 IMPROVEMENTS HAD SUCH PROPERTY BEEN GRANTED AN EXEMPTION PURSUANT TO
55 THIS SECTION. IN SUCH CASE, AN EXEMPTION SHALL BE GRANTED FOR A NUMBER
56 OF YEARS EQUAL TO THE TEN YEAR EXEMPTION GRANTED PURSUANT TO THIS
A. 2384 3
1 SECTION LESS THE NUMBER OF YEARS THE PROPERTY WOULD HAVE BEEN PREVIOUSLY
2 EXEMPT FROM REAL PROPERTY TAXES.
3 3. SUCH EXEMPTION SHALL BE GRANTED ONLY UPON APPLICATION BY THE OWNER
4 OF SUCH REAL PROPERTY ON A FORM PRESCRIBED BY THE STATE BOARD. SUCH
5 APPLICATION SHALL BE FILED WITH THE ASSESSOR OR TREASURER OF THE CITY,
6 TOWN, VILLAGE, OR COUNTY HAVING THE POWER TO ASSESS PROPERTY FOR TAXA-
7 TION ON OR BEFORE THE APPROPRIATE TAXABLE STATUS DATE OF SUCH CITY,
8 TOWN, VILLAGE OR COUNTY AND WITHIN ONE YEAR FROM THE DATE OF COMPLETION
9 OF SUCH CONSTRUCTION, ALTERATION, INSTALLATION OR IMPROVEMENT.
10 4. IF THE ASSESSOR OR TREASURER IS SATISFIED THAT THE APPLICANT IS
11 ENTITLED TO AN EXEMPTION PURSUANT TO THIS SECTION, HE OR SHE SHALL
12 APPROVE THE APPLICATION AND SUCH REAL PROPERTY SHALL THEREAFTER BE
13 EXEMPT FROM TAXATION AND SPECIAL AD VALOREM LEVIES, EXCEPT FOR SPECIAL
14 AD VALOREM LEVIES FOR FIRE DISTRICT, FIRE PROTECTION DISTRICT AND FIRE
15 ALARM DISTRICT PURPOSES, AS HEREIN PROVIDED COMMENCING WITH THE ASSESS-
16 MENT ROLL PREPARED AFTER THE TAXABLE STATUS DATE REFERRED TO IN SUBDIVI-
17 SION THREE OF THIS SECTION. THE ASSESSED VALUE OF ANY EXEMPTION GRANTED
18 PURSUANT TO THIS SECTION SHALL BE ENTERED BY THE ASSESSOR OR TREASURER
19 ON THE ASSESSMENT ROLL WITH THE TAXABLE PROPERTY, WITH THE AMOUNT OF THE
20 EXEMPTION SHOWN IN A SEPARATE COLUMN.
21 5. THE PROVISIONS OF THIS SECTION SHALL APPLY TO MIXED USE PROPERTY
22 WHERE THE FOLLOWING IS POSSIBLE: (A) REAL PROPERTY USED PRIMARILY FOR
23 THE BUYING, SELLING, STORING OR DEVELOPING GOODS OR SERVICES, THE MANU-
24 FACTURE OR ASSEMBLY OF GOODS OR THE PROCESSING OF RAW MATERIALS; AND (B)
25 REAL PROPERTY USED PRIMARILY FOR THE FURNISHING OF DWELLING SPACE OR
26 ACCOMMODATIONS TO EITHER RESIDENTS OR TRANSIENTS OTHER THAN HOTELS OR
27 MOTELS.
28 6. IN THE EVENT THAT REAL PROPERTY GRANTED AN EXEMPTION PURSUANT TO
29 THIS SECTION CEASES TO BE USED PRIMARILY FOR ELIGIBLE PURPOSES, THE
30 EXEMPTION GRANTED PURSUANT TO THIS SECTION SHALL CEASE.
31 7. A COUNTY, CITY, TOWN OR VILLAGE MAY, BY LOCAL LAW, AND A SCHOOL
32 DISTRICT, EXCEPT A CITY SCHOOL DISTRICT TO WHICH ARTICLE FIFTY-TWO OF
33 THE EDUCATION LAW APPLIES, MAY, BY RESOLUTION, REDUCE THE PER CENTUM OF
34 EXEMPTION OTHERWISE ALLOWED PURSUANT TO THIS SECTION; PROVIDED, HOWEVER,
35 THAT A PROJECT IN COURSE OF CONSTRUCTION AND EXEMPTIONS EXISTING PRIOR
36 IN TIME TO PASSAGE OF ANY SUCH LOCAL LAW OR RESOLUTION SHALL NOT BE
37 SUBJECT TO ANY SUCH REDUCTION SO EFFECTED. ANY COUNTY, CITY, TOWN,
38 VILLAGE OR SCHOOL DISTRICT THAT HAS REDUCED THE PER CENTUM OF EXEMPTION
39 PURSUANT TO THIS SUBDIVISION MAY THEREAFTER, BY LOCAL LAW OR RESOLUTION
40 AS THE CASE MAY BE, INCREASE THE PER CENTUM OF EXEMPTION UP TO ANY PER
41 CENTUM NOT EXCEEDING THE MAXIMUM ALLOWED BY SUBDIVISION TWO OR TWELVE OF
42 THIS SECTION, WHICHEVER IS APPLICABLE, PROVIDED, HOWEVER, THAT ANY SUCH
43 LOCAL LAW OR RESOLUTION SHALL APPLY ONLY TO CONSTRUCTION, ALTERATIONS,
44 INSTALLATIONS, OR IMPROVEMENTS COMMENCED SUBSEQUENT TO THE EFFECTIVE
45 DATE OF SUCH LOCAL LAW OR RESOLUTION. A COPY OF ALL SUCH LOCAL LAWS OR
46 RESOLUTIONS SHALL BE FILED WITH THE STATE BOARD AND THE ASSESSOR OR
47 TREASURER OF EACH ASSESSING UNIT WHICH COMPRISES THE COUNTY, CITY, TOWN
48 OR SCHOOL DISTRICT OR, IN THE CASE OF A VILLAGE, THE VILLAGE ASSESSOR OR
49 TREASURER, OR THE APPLICABLE TOWN OR COUNTY ASSESSOR OR TREASURER OF A
50 VILLAGE WHICH HAS ADOPTED A LOCAL LAW PROVIDED IN SUBDIVISION THREE OF
51 SECTION FOURTEEN HUNDRED TWO OF THIS CHAPTER.
52 8. A COUNTY, CITY, TOWN OR VILLAGE MAY, BY LOCAL LAW, AND A SCHOOL
53 DISTRICT, EXCEPT A CITY SCHOOL DISTRICT TO WHICH ARTICLE FIFTY-TWO OF
54 THE EDUCATION LAW APPLIES MAY, BY RESOLUTION, ESTABLISH A DATE FOR THE
55 COMMENCEMENT OF EFFECTIVENESS OF EXEMPTIONS OFFERED PURSUANT TO THIS
56 SECTION AND MAY PROVIDE THAT THE PROVISIONS OF THIS SECTION SHALL APPLY
A. 2384 4
1 ONLY TO CONSTRUCTION, ALTERATION, INSTALLATION OR IMPROVEMENTS HAVING A
2 GREATER VALUE THAN THAT SPECIFIED BY SUBDIVISION TWO OF THIS SECTION.
3 9. (A) A COUNTY, CITY OUTSIDE THE CITY OF NEW YORK, TOWN OR VILLAGE
4 MAY, BY LOCAL LAW, AND A SCHOOL DISTRICT WHICH LEVIES SCHOOL TAXES MAY,
5 BY RESOLUTION, ESTABLISH A BOARD TO BE KNOWN AS THE INDUSTRIAL AND
6 COMMERCIAL INCENTIVE BOARD. THE MEMBERSHIP AND COMPOSITION OF SUCH BOARD
7 SHALL BE SET FORTH IN THE LOCAL LAW OR RESOLUTION.
8 (B) THE INDUSTRIAL AND COMMERCIAL INCENTIVE BOARD SHALL PRESENT A PLAN
9 TO THE APPOINTING LOCAL LEGISLATIVE BODY CONCERNING THE VARIOUS TYPES OF
10 BUSINESS, MULTI-FAMILY OR MIXED USE RESIDENTIAL CONSTRUCTION REAL PROP-
11 ERTY WHICH SHOULD BE GRANTED ELIGIBILITY FOR AN EXEMPTION PURSUANT TO
12 SUBDIVISION ONE OF THIS SECTION. SUCH PLAN SHALL MAKE RECOMMENDATIONS
13 CONCERNING THE APPLICABILITY OF THE EXEMPTION TO SPECIFIC SECTORS AND
14 SUBSECTORS, AS DEFINED IN THE NORTH AMERICAN INDUSTRY CLASSIFICATION
15 SYSTEM PUBLISHED BY THE UNITED STATES GOVERNMENT. SUCH PLAN SHALL ALSO
16 MAKE A RECOMMENDATION AS TO WHETHER THE EXEMPTION BE COMPUTED AS
17 PROVIDED IN SUBDIVISION TWO OR TWELVE OF THIS SECTION. IN ADDITION, SUCH
18 PLAN SHALL IDENTIFY SPECIFIC GEOGRAPHIC AREAS WITHIN WHICH SUCH
19 EXEMPTIONS SHOULD BE OFFERED. IN DEVELOPING THE PLAN REQUIRED BY THIS
20 PARAGRAPH, THE BOARD SHALL CONSIDER THE PLANNING OBJECTIVES OF EACH
21 MUNICIPALITY WITHIN WHICH SUCH EXEMPTIONS MAY BE OFFERED, THE NECESSITY
22 OF THE EXEMPTION TO THE ATTRACTION OR RETENTION OF SUCH BUSINESS AND THE
23 ECONOMIC BENEFIT TO THE AREA OF PROVIDING EXEMPTIONS TO VARIOUS TYPES OF
24 BUSINESSES.
25 (C) IN ADDITION, THE BOARD MAY MAKE RECOMMENDATIONS TO THE APPOINTING
26 LOCAL LEGISLATIVE BODY WITH RESPECT TO ACTIONS IT DEEMS DESIRABLE TO
27 IMPROVE THE ECONOMIC CLIMATE THEREIN.
28 (D) NOTWITHSTANDING THE PROVISIONS OF PARAGRAPH (A) OF THIS SUBDIVI-
29 SION, WHERE A COUNTY ESTABLISHES AN INDUSTRIAL AND COMMERCIAL INCENTIVE
30 BOARD, THE MEMBERS OF SUCH BOARD SHALL BE APPOINTED AS FOLLOWS: THREE
31 REPRESENTATIVES OF THE COUNTY: THE APPOINTMENT OF ONE SHALL BE RESERVED
32 TO THE COUNTY EXECUTIVE OF THE COUNTY WHO SHALL SERVE AS CHAIR, AND ONE
33 EACH FOR THE MAJORITY AND THE MINORITY PARTIES OF THE COUNTY LEGISLATIVE
34 BODY; ONE REPRESENTATIVE FOR EACH CITY LOCATED WITHIN THE COUNTY UPON
35 THE RECOMMENDATION OF THE MAYOR; ONE REPRESENTATIVE FOR EACH OF THE
36 TOWNS LOCATED WITHIN THE COUNTY UPON THE RECOMMENDATION OF THE SUPERVI-
37 SOR; ONE REPRESENTATIVE TO COLLECTIVELY REPRESENT ALL OF THE VILLAGES
38 LOCATED WITHIN THE COUNTY UPON THE RECOMMENDATION OF THE MAYORS OF THE
39 VILLAGES IN THE COUNTY; AND ONE REPRESENTATIVE TO COLLECTIVELY REPRESENT
40 ALL OF THE SCHOOL DISTRICTS LOCATED WITHIN THE COUNTY UPON RECOMMENDA-
41 TION OF THE COUNTY SCHOOL BOARDS ASSOCIATION. THE MEMBERS OF SUCH BOARD
42 SHALL SERVE AT THE PLEASURE OF THE GOVERNING BODY WHICH THEY REPRESENT.
43 THE MEMBERS SHALL SERVE WITHOUT SALARY, BUT THE COUNTY LEGISLATIVE BODY
44 MAY ENTITLE EACH SUCH MEMBER TO REIMBURSEMENT FOR HIS OR HER ACTUAL AND
45 NECESSARY EXPENSES INCURRED IN THE PERFORMANCE OF HIS OR HER DUTIES.
46 10. WHERE A COUNTY, CITY, TOWN, VILLAGE OR SCHOOL DISTRICT HAS ESTAB-
47 LISHED AN INDUSTRIAL AND COMMERCIAL INCENTIVE BOARD, PURSUANT TO SUBDI-
48 VISION NINE OF THIS SECTION, SUCH COUNTY, CITY, TOWN OR VILLAGE MAY, BY
49 LOCAL LAW, AND A SCHOOL DISTRICT, EXCEPT A CITY SCHOOL DISTRICT TO WHICH
50 ARTICLE FIFTY-TWO OF THE EDUCATION LAW APPLIES, MAY, BY RESOLUTION,
51 RESTRICT REAL PROPERTY ELIGIBLE TO RECEIVE THE EXEMPTION TO REAL PROPER-
52 TY CONSTRUCTED, ALTERED, INSTALLED OR IMPROVED FOR THOSE PURPOSES IDEN-
53 TIFIED IN THE PLAN PRESENTED BY THE BOARD. SUCH LAW OR RESOLUTION SHALL
54 IDENTIFY THE SPECIFIC SECTORS AND SUBSECTORS, AS DEFINED IN THE NORTH
55 AMERICAN INDUSTRY CLASSIFICATION SYSTEM PUBLISHED BY THE UNITED STATES
56 GOVERNMENT TO WHICH THE EXEMPTION SHALL BE APPLICABLE. SUCH LAW OR
A. 2384 5
1 RESOLUTION SHALL ALSO RESTRICT THE AVAILABILITY OF SUCH EXEMPTION TO THE
2 SPECIFIC GEOGRAPHIC AREAS IDENTIFIED IN THE PLAN PRESENTED BY THE BOARD.
3 11. WHERE A COUNTY, BY LAW, RESTRICTS EXEMPTIONS PURSUANT TO THE
4 RECOMMENDATIONS OF AN INDUSTRIAL AND COMMERCIAL INCENTIVE BOARD, ESTAB-
5 LISHED PURSUANT TO SUBDIVISION NINE OF THIS SECTION, SUCH RESTRICTED
6 EXEMPTIONS SHALL BE APPLICABLE TO TAXES AND SPECIAL AD VALOREM LEVIES OF
7 EACH CITY, TOWN, VILLAGE AND SCHOOL DISTRICT LOCATED WITHIN THE AREA
8 WITHIN WHICH THE RESTRICTED EXEMPTIONS ARE OFFERED BY THE COUNTY, UNLESS
9 SUCH CITY, TOWN OR VILLAGE SHALL, BY LAW, OR SUCH SCHOOL DISTRICT,
10 SHALL, BY RESOLUTION, DETERMINE THAT SUCH RESTRICTED EXEMPTIONS SHALL
11 NOT BE APPLICABLE TO ITS TAX AND AD VALOREM LEVIES. UPON ADOPTION OF
12 SUCH LAW, THE COUNTY SHALL NOTIFY EACH AFFECTED CITY, TOWN, VILLAGE AND
13 SCHOOL DISTRICT OF ITS ACTIONS AND INFORM THEM OF THEIR OPTIONS REGARD-
14 ING SUCH RESTRICTED EXEMPTIONS.
15 12. NOTWITHSTANDING SUBDIVISION TWO OF THIS SECTION, WHERE A COUNTY,
16 CITY, TOWN, VILLAGE OR SCHOOL DISTRICT ADOPTS RESTRICTED EXEMPTIONS
17 PURSUANT TO SUBDIVISION TEN OF THIS SECTION, THE LAW OR RESOLUTION MAY
18 PROVIDE THAT SUCH EXEMPTIONS SHALL BE COMPUTED PURSUANT TO THE FOLLOWING
19 ACCELERATED STRATEGIC EXEMPTION SCHEDULE:
20 YEAR OF EXEMPTION PERCENTAGE OF EXEMPTION TO BE NO MORE THAN:
21 1 60
22 2 60
23 3 60
24 4 50
25 5 50
26 6 45
27 7 40
28 8 35
29 9 25
30 10 15
31 PROVIDED HOWEVER, THAT SUCH LAW OR RESOLUTION SHALL:
32 (I) CONTAIN FINDINGS THAT THE ADOPTION OF THIS ACCELERATED STRATEGIC
33 EXEMPTION SCHEDULE IS NECESSARY TO ENCOURAGE TARGETED ECONOMIC DEVELOP-
34 MENT, CREATE OR RETAIN PERMANENT PRIVATE SECTOR JOBS, AND THAT THE VALUE
35 OF THE EXEMPTIONS TO BE PROVIDED IS JUSTIFIED BY THE NEED TO PROVIDE
36 EMPLOYMENT OPPORTUNITIES AND BROADEN THE TAX BASE; AND
37 (II) LIMIT THE APPLICABILITY OF SUCH SCHEDULE TO PROJECTS WHERE THE
38 COST OF SUCH CONSTRUCTION, ALTERATION, INSTALLATION OR IMPROVEMENT
39 EXCEEDS THE SUM OF FIFTY THOUSAND DOLLARS; AND
40 (III) PROVIDE THAT SUCH EXEMPTIONS ARE RESTRICTED BY GEOGRAPHIC AREAS
41 AND/OR GROUPS AND MAJOR DIVISIONS AS IS PROVIDED BY SUBDIVISION TEN OF
42 THIS SECTION.
43 13. A COUNTY, CITY, OR TOWN WITH A VILLAGE WITH A POPULATION OF NOT
44 LESS THAN FIVE THOUSAND AND NOT MORE THAN SIX THOUSAND IN COUNTIES WITH
45 A POPULATION OF NOT LESS THEN TWO HUNDRED NINETY THOUSAND AND NOT MORE
46 THAN THREE HUNDRED FIVE THOUSAND MAY, BY LOCAL LAW, ESTABLISH A DATE FOR
47 THE COMMENCEMENT OF THE EFFECTIVENESS OF THE EXEMPTION OFFERED PURSUANT
48 TO THIS SECTION. A COPY OF THE LOCAL LAWS SHALL BE FILED WITH THE
49 COMMISSIONER, THE ASSESSOR OR TREASURER OF THE MUNICIPALITY, THE CLERK
50 OF THE MUNICIPALITY, AND THE SECRETARY OF STATE.
51 14. A VILLAGE WITH A POPULATION OF NOT LESS THAN FIVE THOUSAND AND NOT
52 MORE THAN SIX THOUSAND IN COUNTIES WITH A POPULATION OF NOT LESS THAN
53 TWO HUNDRED NINETY THOUSAND AND NOT MORE THAN THREE HUNDRED FIVE THOU-
54 SAND MAY, BY LOCAL LAW, AND ANY SCHOOL DISTRICT WHICH SERVES SUCH
55 VILLAGE, MAY, BY RESOLUTION ESTABLISH A DATE FOR THE COMMENCEMENT OF THE
56 EFFECTIVENESS OF THE EXEMPTION OFFERED PURSUANT TO THIS SECTION. A COPY
A. 2384 6
1 OF THE LOCAL LAWS SHALL BE FILED WITH THE COMMISSIONER, THE ASSESSOR OR
2 TREASURER OF THE MUNICIPALITY, THE CLERK OF THE MUNICIPALITY, AND THE
3 SECRETARY OF STATE.
4 S 2. This act shall take effect immediately.
