NY Real Prop Tax L § 423 (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2 - Private Property 423 - Phase Out of Exemption for Redevelopment Company Projects Upon the Cessation of the Tax Exemption Granted Pursuant to Contract.

§  423. Phase out of exemption for redevelopment company projects upon the cessation of the tax exemption granted  pursuant  to  contract.  (1) After  the  expiration  of  any  tax  exemption  granted a redevelopment project pursuant to section  one  hundred  twenty-five  of  the  private housing  finance  law,  which exemption is not extended pursuant to such law, that part of the value  of  the  property  which  was  exempt  from certain  taxation  for  local  purposes  by  reason of such grant, shall thereafter be exempt  from  taxation  for  local  purposes,  other  than assessments for local improvement, commencing upon the expiration of the tax  exemption  granted  pursuant to such section as follows: during the first year after such expiration, the taxes which shall be payable shall be the taxes which were payable during the last year  of  the  grant  of exemption  plus one tenth of the difference between the taxes which were payable during such prior year and the taxes which  would  otherwise  be payable  during  such  first year absent this section; during the second year after such expiration, the taxes which shall be  payable  shall  be the taxes which were payable during the first year after such expiration plus  one-ninth  of  the difference between the taxes which were payable during such first year and the taxes which would  otherwise  be  payable during such second year absent this section; during the third year after such  expiration,  the  taxes  which shall be payable shall be the taxes which were payable during the second year  after  such  expiration  plus one-eighth of the difference between the taxes which were payable during such  second  year and the taxes which would otherwise be payable during such third year absent this section; during the fourth year  after  such expiration,  the  taxes  which shall be payable shall be the taxes which were  payable  during  the  third  year  after  such   expiration   plus one-seventh  of  the  difference  between  the  taxes which were payable during such third year and the taxes which would  otherwise  be  payable during such fourth year absent this section; during the fifth year after such  expiration,  the  taxes  which shall be payable shall be the taxes which were payable during the fourth year  after  such  expiration  plus one-sixth  of the difference between the taxes which were payable during such fourth year and the taxes which would otherwise be  payable  during such  fifth  year  absent this section; during the sixth year after such expiration, the taxes which shall be payable shall be  the  taxes  which were  payable during the fifth year after such expiration plus one-fifth of the difference between the taxes which were payable during such fifth year and the taxes which would otherwise be payable  during  such  sixth year absent this section; during the seventh year after such expiration, the  taxes  which shall be payable shall be the taxes which were payable during the sixth year after  such  expiration  plus  one-fourth  of  the difference  between  the taxes which were payable during such sixth year and the taxes which would otherwise be payable during such seventh  year absent  this  section; during the eighth year after such expiration, the taxes which shall be payable shall  be  the  taxes  which  were  payable during  the  seventh  year  after  such expiration plus one-third of the difference between the taxes which were payable during such seventh year and the taxes which would otherwise be payable during such  eighth  year absent  this  section;  during the ninth year after such expiration, the taxes which shall be payable shall  be  the  taxes  which  were  payable during  the  eighth  year  after  such  expiration  plus one-half of the difference between the taxes which were payable during such eighth  year and  the  taxes  which would otherwise be payable during such ninth year absent this section; during the tenth year after  such  expiration,  the taxes  which shall be payable shall be the taxes otherwise payable.  (2) Any provision of law to the contrary notwithstanding, any local laws  or ordinances in respect of the regulation and control of residential rents  and  evictions  adopted  pursuant  to  the  local emergency housing rent control act shall be applicable to  all  dwelling  accommodations  in  a property   described  in  subdivision  one  throughout  such  additional exemption  period  whether  or  not  such dwelling accommodations become vacant during such period, in the same manner that such  local  laws  or ordinances would be applicable to dwelling accommodations which (i) were completed after February one, nineteen hundred forty-seven and for which a  certificate  of  occupancy  was obtained prior to March ten, nineteen hundred sixty-nine, and (ii) did not become vacant after  the  thirtieth day of June, nineteen hundred seventy-one, provided that the last rental set  forth  under  a  rental  agreement  in force relating to a dwelling accommodation in such project immediately prior to the expiration of the tax exemption granted pursuant to the private housing finance law, shall continue, and the owner of the property in which such accommodations are situate may increase such rentals.  (a) in each year by an amount not more than the  increases  in  taxes, payable  on such project by such owner over those paid in the year prior to the expiration of the tax exemption granted pursuant to  the  private housing  finance  law, allocated to such dwelling accommodation on a per room basis based on the room count set forth  in  the  contract  with  a municipality  originally  granting  the  tax exemption under the private housing finance law, and  (b) by an amount not more than  the  difference  between  the  average rental  per room per month last authorized by the local legislative body pursuant to the private housing finance law, and the average rental  per room  per month actually collected during the last year such project was exempt under such law, multiplied by the room count  for  such  dwelling accommodation  as  set  forth in such contract with the municipality, as well as percentage increases thereon which percentages are the  same  as authorized under such local laws and ordinances and generally applicable to  subsequent  rental  agreements  in  dwelling accommodations in other multiple dwellings as well as any other increases authorized by law.  (3) Notwithstanding any provision of this  section  to  the  contrary, with  respect  to  the  real  property of a mutual redevelopment project located in a city having a population of one million or  more,  the  tax exemption provided in subdivision one of this section shall not apply in any  year  where  the  total period of tax exemption granted pursuant to section one hundred twenty-five of the private housing finance  law  and subdivision one of this section would exceed sixty years.