Section 485-G. Infrastructure exemption

1. A county, city, town or village
  may by local law or a school district may by resolution provide that the
  exemption  under  this  section   shall   be   applicable   within   its
  jurisdiction. A copy of such local law or resolution shall be filed with
  the office of real property services.
    2.  Residential building lots which are part of a subdivision plat for
  residential development which includes  infrastructure  intended  to  be
  dedicated  to the municipal corporation or a special district thereof in
  accordance with the provisions of this  section  shall  be  exempt  from
  taxation  to  the  extent  of  the increased assessed value of such lots
  resulting from the addition of such infrastructure for  a  period  until
  the  issuance  of a certificate of occupancy but in no event longer than
  three years from granting of the exemption herein, which certifies  that
  a  residence  is constructed on a building lot in such subdivision. Such
  exemption shall be  the  value  of  the  infrastructure  proportionately
  applied  to  each  of  the lots in the subdivision. Upon issuance of the
  certificate of occupancy but in no event longer than  three  years  from
  granting  of  the  exemption  herein,  the  exemption  provided  by this
  subdivision shall lapse.
    3. For purposes of this section infrastructure shall be  comprised  of
  the  following  public  facilities which are intended to be dedicated to
  the municipal corporation or a special district thereof: streets,  storm
  and  sanitary  sewers,  drainage  facilities  and  any  other facilities
  required by  the  municipality  to  be  installed  in  such  residential
  subdivision  as  noted  on  the  filed  plat  plan  for such residential
  subdivision.
    4. Such exemption shall be granted only upon application by the  owner
  of  the  real  property  on  a form prescribed and made available by the
  office  of  real  property  services.  The  applicant  shall  file   the
  information  as  required  by  the office of real property services. The
  application  shall  be  filed  with  the  assessor  of  the  appropriate
  assessing  unit.  Such  application  shall  be  filed  on  or before the
  appropriate taxable status date of such assessing  unit  and  not  later
  than  one  year  from  the  date  of  completion  of  such construction,
  installation or improvement. On approved subdivision lots in which  such
  infrastructure  has been completed as of the effective date of the local
  law or school district resolution providing  that  the  exemption  under
  this section shall be applicable within its jurisdiction and for which a
  certificate  of occupancy has not been issued, application shall be made
  within one year from the effective date of  such  local  law  or  school
  district resolution.
    5.  If  the  assessor receives an application by the owner of the real
  property, and  is  satisfied  that  the  applicant  is  entitled  to  an
  exemption  pursuant  to  this  section,  the  assessor 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 four 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.
    6.  The  provisions  of  this section shall not apply to a city with a
  population of one million or more.