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Concord NY IDA - Current Tax Abatement Policy
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The Town of Concord Industrial Development Agency (CIDA) maintains a standard policy for the provision of real property tax exemptions for qualified projects. The abatement provided applies only to value added by constuction or renovation. There is no tax abatement given on the nondepreciable portion of the real property assessed as land. The CIDA also provides mortgage recording tax abatement and sales and use tax abatements on all Projects.
CIDA’a PILOT policy is based upon graduated schedule of abatement applicable to county, town, village and school taxes. This schedule in increasing percentages of taxes due based on the value added by new construction projects. Projects involving acquisition and/or improvement of existing buildings are subject to a “freeze” of the pre-improved tax status of the property, subject to the rights of the applicant to petition for reduction of the pre-improvement assessed through the normal assessment grievance procedure.
CIDA”S PILOT policy for single tenant projects provides the economic equivalent of 7 years of full abatement on value added by new construction projects over a 15 year period and a 15 year freeze on acquisition of existing facilities.
Commercial Projects PILOT policy for multi-tenant Projects are provided the economic equivalent of 5 years of full abatement of value added by new construction projects over a 10 year period and a 10 year freeze on the acquisition of existing facilities.
Enhancement Area PILOT policy provides the tax abatement equivalent to the standard tax abatement provided under Section 485-b of the Real Property Tax Law.
Where the CIDA modifies its PILOT to reduce the PILOT benefits below that provided in the standard PILOT the CIDA needs not notify taxing jurisdictions of its proposal to give reduced PILOT reduced PILOT benefits, it being deemed a discretionary part of the CIDA’s standard PILOT policy to provide lesser benefits. Where the CIDA modifies its PILOT to increase the PILOT benefit above that provided in the standard PILOT, it must notify all the taxing jurisdictions and allow them to make comments on the proposed PILOT.
The following schedule outlines CIDA’s PILOT policy applicable to the industrial special impact commercial projects and commercial projects.
NEW CONSTRUCTION: |
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ACQUISITIONS and RENOVATIONS:
The Project pays full taxes or equivalent of taxes on the pre-project assessment of existing improvements but receives the abatement on the increase I assessed value of the improvements constructed as part of the Project in accordance with the property classification set forth above.
*Combination of Acquisition and Renovation and New Construction*
Where a project includes both acquisition and renovation of existing buildings and construction of new additions each portion shall receive the standard tax abatement for the portion. If the renovations are so substantial as to totally reconstruct the existing portion, the CIDA may treat the entire project as new construction, in it’s sole discretion.
For Retail (excluding sale of goods) and mixed use, there shall be the appropriate commercial project abatement applied or 485-b percentage applied. Retail (sale of goods) shall receive no tax abatement.
*Special District taxes are not subject to abatement and any conditions. CIDA further-reserves the right to grant exceptions to the standard PILOT but prior to granting a non-standard PILOT the appropriate taxing jurisdiction shall receive written notice that a non-standard PILOT is being considered and afforded an opportunity at the Public Hearing and/or Agency Meeting to state their opinion either in support or against the granting of such exception. The CIDA also reserves the right to waive PILOT payments, but prior to granting a waiver the involved taxing jurisdiction shall be notified and afforded an opportunity to be heard prior to granting a waiver.
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