New York Laws
Title 2 - Private Property
485-S*3 - Mixed Use Exemption Program for Villages.

(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

Structure New York Laws