NY Real Prop Tax L § 489-AAA (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2-C - Tax Exemption for Certain Industrial and Commercial Properties in a City of One Million or More Persons 489-AAA - Definitions.

§ 489-aaa. Definitions. When used in this title:1.  "Applicant"  means any person or corporation obligated to pay real   property taxes on the property for which an exemption is sought,  or  in   the  case  of  exempt  property,  the  record  owner  thereof, provided,   however, that such property is not commercial  property  located  in  an   area   designated   as   excluded   pursuant  to  section  four  hundred   eighty-nine-ccc of this title;2. "Board" means the industrial and commercial incentive board;3. "Commercial" means any non-residential property used primarily  for   the  buying,  selling  or  otherwise  providing  of  goods  or services,   provided that the use of such property has  not  been  designated  as  a   restricted   commercial   use   pursuant   to   section   four   hundred   eighty-nine-ccc of this title;4. "Construction" means the building of new industrial  or  commercial   structures on vacant or predominantly vacant land, or the modernization,   rehabilitation   or  expansion  or  other  improvement  of  an  existing   commercial structure where such modernization, rehabilitation, expansion   or other improvement is not physically or functionally  integrated  with   the  existing  structure  or results in additional usable square footage   fifty per centum  greater  than  the  square  footage  of  the  existing   structure;5. "Industrial" means property used primarily for the manufacturing or   assembling of goods or the processing of raw materials;6. "Predominantly vacant land" means land, including land under water,   on  which  not  more  than  fifteen  percent  of  the  lot area contains   enclosed, permanent improvements; in addition,  such  land  may  include   existing foundations.  A fence, shed, garage, attendant's booth, paving,   pier, bulkhead, lighting fixtures, and similar items, or any improvement   having  an  assessed  value  of less than two thousand dollars shall not   constitute an enclosed, permanent improvement;7. "Reconstruction" means the modernization, rehabilitation, expansion   or other improvement of an existing commercial or  industrial  structure   where  the total proposed project cost is in an amount equal to at least   twenty percentum of the assessed value of the property at  the  time  an   application  for  a certificate of eligibility pursuant to this title is   made, and where such modernization, rehabilitation, expansion  or  other   improvement  is physically and functionally integrated with the existing   structure and does not create additional usable square  footage  greater   than  fifty  per  centum  of  the  usable square footage of the existing   structure except in  a  case  where  the  existing  structure  has  been   substantially destroyed by fire or other casualty;8.  "Residential  property"  shall  mean property, other than property   used for  hotel  purposes,  on  which  will  exist  upon  completion  of   construction   a   building   or  structure  containing  more  than  one   independent dwelling unit or where more  than  one-third  of  the  total   square footage of said structure is to be used for residential purposes;   it  shall  also  mean,  in the case of reconstruction, property on which   exists or will exist upon completion of the reconstruction a building or   structure where more than one-third of the total square footage is  used   or is to be used for dwelling purposes;9.  "Vacant  land"  means  land,  including  land  under  water, which   contains no enclosed, permanent  improvement.  A  fence,  shed,  garage,   attendant's  booth,  paving,  pier,  bulkhead,  lighting  fixtures,  and   similar items, or any improvement having an assessed value of less  than   two  thousand  dollars  shall  not  constitute  an  enclosed,  permanent   improvement;