Section 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 state
  board, 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 state board. 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.