§ 170-20. Exemption granted; term of exemption; application process; assessed value.

A. 

Residential building lots that are part of a residential subdivision approved by the Town or its agencies, which include infrastructure intended to be dedicated to the Town or a special district thereof, shall be exempt from taxation to the extent of the assessed value resulting from the addition of such infrastructure. Such exemption shall be granted until the issuance of a certificate of occupancy for such lot or lots, or the occupancy of a residence constructed on said lot or lots, but in no event longer than three years from the effective date of the exemption.

B. 

Application.

(1) 

To obtain an infrastructure exemption, an owner of real property constituting a residential subdivision must file an application with the Town Assessor on a form prescribed by the New York State Office of Real Property Services.

(2) 

The application shall be filed with the Assessor on or before the taxable status date and, for a new residential subdivision, not later than one year from the date of completion of construction, installation or improvement of the infrastructure within the residential subdivision and the acceptance of dedication thereof by the Town or, for an existing residential subdivision, within one year from the effective date of this article.

C. 

The Assessor, upon review of the application made by the owner and determination that such owner is entitled to the exemption, shall approve such application, and the value of the infrastructure proportionately applied to each of the lots in the residential subdivisions shall be exempt from taxation commencing with the assessment roll prepared after the taxable status date.

D. 

The assessed value of any infrastructure exemption 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.