The Business Development Exemption is a ten-year exemption to encourage new construction of commercial and industrial properties.
You must apply for Business Development Exemption within one year of completion.
Applications must be received in the Assessor's office by October 1. Applications received after October 1 will not be considered, even if they are postmarked prior to October 1.
Pursuant to Section 485-B of the New York State Real Property Tax Law, businesses which build new structures or add on to an existing structure are entitled to an exemption. The amount of the exemption in the first year is 50% of the increase in assessed value. The exemption percentage decreases by 5% in each of the next nine years.
Once the exemption has been granted, the exemption may continue for the authorized period provided that the eligibility requirements continue to be satisfied.
It is not necessary to reapply for the exemption each year.
All exemptions are in amount of assessed value. To calculate the tax savings for an exemption:
Divide the Exempt Assessed Value by 100, then multiply the result times the Tax Rate.
A Village tax exemption does not apply to taxes based on the Nassau County Assessment Roll. You should also apply to the Nassau County Department of Assessment for any exemption offered by the County and applicable to your property. Deadlines and procedures may be different. Check with the Nassau County Department of Assessment at 516-571-1500 for additional information.