continued Despite the concerns aired, the school board voted to support a 75 percent tax exemption in the first five years, 50 percent in the second five-year period and 25 percent exemption in the final five years.
The school district’s vote, however, carries no legal weight. The Lake George town board is empowered to decide on the amount, if any, of an exemption beyond a Basic PILOT exemption. State law also calls for the town board, in making its decision, to take into consideration the needs of the school district.
While granting a tax break exceeding the norm, the school board did add a stipulation to their vote that the developer agree to not challenging the property’s assessment during the final five years of the PILOT arrangement.