NY A02384

Allows villages with population between 5,500 and 5,600 (based on latest decennial census) to adopt a local law establishing a mixed-use property tax exemption program.

County, town, and school district governing bodies may adopt corresponding exemptions by local law or resolution once a village adopts the program.

Newly constructed mixed-use properties (buildings used for both residential and commercial purposes) receive a 20-year tax exemption on the increase in assessed value from construction, phasing down from 90% exemption in years 1-2 to 5% in years 19-20.

Property owners must submit applications to the assessor by the appropriate taxable status date; exemptions begin on the assessment roll following approval.

Adopted exemptions may be repealed by governing bodies with at least 90 days' notice before the taxable status date, but repeals cannot terminate exemptions already granted until their 20-year period expires.