HomeMy WebLinkAboutLL 03 of 2017 Housing Trust Tax Exemption TOWN OF ITHACA
LOCAL LAW NO. 3 OF THE YEAR 2017
AMENDING TOWN OF ITHACA CODE CHAPTER 239, ENTITLED
"TAXATION," BY ADDING A NEW ARTICLE VII, ENTITLED "HOUSING
TRUST EXEMPTION," TO PARTIALLY EXEMPT FROM TOWN TAXATION
RESIDENTIAL HOUSING ON LAND OWNED BY HOUSING TRUSTS
Be it enacted by the Town Board of the Town of Ithaca as follows:
Section 1. Chapter 239 of the Town of Ithaca Code, entitled "Taxation," is
amended by adding a new Article VII, entitled "Housing Trust Exemption" as follows:
"Section 239-24. Statutory Authority.
This article is enacted pursuant to Section 467-j of the Real Property Tax Law of the Sate
of New York, as amended through Chapter 352 of the Laws of 2016.
Section 239-25. Grant of Exemption.
Pursuant to the provisions of Section 467-i of the Real Property Tax Law of the State of
New York, the real property tax exemption authorized by this article shall be in an
amount equal to the latest state equalization rate multiplied by the difference between the
full resale value of such real property absent any restriction and the maximum resale
value of such real property established by a ground lease to residential properties located
on land owned by a not-for-profit entity and subject to regulatory restrictions from
federal, state or local housing programs that provide grants or loans to enhance housing
affordability and subject to a ground lease or deed restrictions that restrict the resale price
of such real property for at least thirty years.
Section 239-26. Application for exemption.
Such exemption shall be granted only upon successful application by the owner or all the
owners of such real property on a form as prescribed by Section 467-j of the Real
Property Tax Law of the State of New York. The owner or owners shall furnish the
information and execute the form in the manner required or prescribed in such form and
shall file such form annually in the Tompkins County Assessment office on or before the
appropriate taxable status date. Such exemption shall be granted only if the appropriate
assessing authority approves the application.
Section 239-23. Applicability.
This article shall apply to assessment rolls prepared after the effective date of this article
on the basis of taxable status dates occurring on or after March 1, 2017."
Adopted February 2, 2017 Pg. 1
Section 2. If any provision of this local law is found invalid by any court of
competent jurisdiction, such invalidity shall not affect any other provisions of this local
law, which shall remain in full force and effect.
Section 3. This local law shall take effect upon its filing with the New York
Secretary of State.
Adopted February 2, 2017 Pg. 2