§ 485-f. Banking development districts. 1. Real property altered,
constructed, installed, or improved for use as a branch of a bank, trust
company or national bank in an area designated as a banking development
district by the superintendent of financial services pursuant to section
ninety-six-d of the banking law shall be exempt from taxation and
special ad valorem levies by any municipal corporation in which located,
for a period of ten years, provided that the governing board of such
municipal corporation, after a public hearing, adopts a local law,
ordinance, or resolution providing therefor.

2. Where such local law, ordinance, or resolution has been adopted,
such real property which is used to establish a branch of a bank, trust
company or national bank in a banking development district shall be
exempt for a period of one year of fifty per centum of the "exemption
base", determined pursuant to subdivision three of this section, and
such exemption shall be decreased by five per centum each year during
such additional period. A copy of such local law, ordinance, or
resolution shall be filed with the commissioner and the assessor of such
county, city, town, or village who prepares the assessment roll on which
the taxes of such county, city, town, village, or school district are
levied.

3. (a) The "exemption base" shall be the extent of the increase in
assessed value attributable to such alteration, construction,
installation, or improvement as determined in the initial year for which
application for exemption is made pursuant to this section, except as
provided in subparagraph (ii) of this paragraph.

(i) If there is subsequent alteration, construction, installation, or
improvement during the term of the exemption, the exemption base shall
be revised to include the increase in assessed value attributable to
such alteration, construction, installation, or improvement.

(ii) If in any year a change in level of assessment of fifteen percent
or more is certified for an assessment roll pursuant to the rules of the
commissioner, the exemption base shall be adjusted by such change in
level or assessment. The exemption on that assessment roll shall
thereupon be recomputed, notwithstanding the fact that the assessor
receives the certification after the completion, verification, and
filing of the final assessment roll. In the event that the assessor does
not have custody of the roll when such certification is received, the
assessor shall certify the recomputed exemption to the local officers
having custody and control of the roll and such local officers are
hereby directed and authorized to enter the recomputed exemption
certified by the assessor on the roll. The assessor shall give written
notice of such recomputed exemption to the property owner, who may, if
he or she believes that the exemption was recomputed incorrectly, apply
for a correction in the manner provided by title three of article five
of this chapter for the correction of clerical errors.

(iii) The following table shall illustrate the computation of the tax
exemption:

Year of exemption Percentage of exemption

1 50

2 45

3 40

4 35

5 30

6 25

7 20

8 15

9 10

10 5

(b) No exemption shall be granted pursuant to this section, unless:

(i) the alteration, construction, installation, or improvement
commenced on or after either the date the banking development district
was designated by the superintendent of financial services pursuant to
section ninety-six-d of the banking law or, if specified in local law,
ordinance, or resolution adopted pursuant to subdivision one of this
section, the effective date of such local law, resolution or ordinance;
and

(ii) the property is located in a banking development district
designated by the superintendent of financial services pursuant to
section ninety-six-d of the banking law.

(c) For purposes of this section the terms alteration, construction,
installation or improvement shall not include ordinary maintenance and
repairs.

4. Such exemption shall be granted only upon written application of
the owner of such real property on a form prescribed by the state board.
The application shall be filed with the assessor of the county, city,
town, or village having the power to assess property for taxation on or
before the appropriate taxable status date of such county, city, town,
or village. Such application shall be filed on or before the appropriate
taxable status date of such assessing unit and no later than one year
from the date of completion of such alteration, construction,
installation, or improvement.

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 and special
ad valorem levies 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.