NY Real Prop Tax L § 421-C (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2 - Private Property 421-C - Exemption of Certain New Multiple Dwellings From Local Taxation.

§  421-c.    Exemption  of  certain  new multiple dwellings from local   taxation.  1.  The provisions of this section shall apply to each  town,   village  or  city  with  a population of less than one million which has   declared an emergency in accordance with the provisions of the emergency   tenant protection act  of  nineteen  seventy-four  and  which  adopts  a   resolution  making  the  provisions  of  this section applicable to such   town, village or city.  The owner of housing accommodations in  a  newly   constructed  building,  which would be subject to the provisions of such   act except for the fact that the building  was  completed  on  or  after   January first, nineteen hundred seventy-four, may file a declaration, in   a form suitable for recording, with the rent guidelines board subjecting   such housing accommodations to the provisions of said act.2.    Such  new  residential  buildings shall be exempt from all taxes   imposed by a municipal corporation including those imposed by  a  school   district,   other   than  assessments  for  local  improvements,  during   construction and so long as used for residence purposes for a period not   to exceed ten years in the  aggregate  after  the  taxable  status  date   immediately following the completion thereof, consisting of two years of   full exemption followed by two years of exemption from eighty percent of   such  taxation, followed by two years of exemption from sixty percent of   such taxation, followed by two years of exemption from forty percent  of   such taxation, followed by two years of exemption from twenty percent of   such  taxation; provided that taxes shall be paid during any such period   at least in  the  amount  of  the  taxes  paid  on  such  land  and  any   improvements  thereon  during the tax year preceding the commencement of   such construction and that exemption from taxes shall not be availed  of   concurrently  under  any other law.   To be eligible for exemption under   this section such construction shall take place on vacant, predominantly   vacant or under-utilized land, or on land improved with a non-conforming   use.   The initial legal regulated rents  to  be  charged  upon  initial   occupancy after construction aided by exemption under this section shall   be  at  least  fifteen  percent  less  than  the  rents  prevailing  for   comparable newly constructed residential units in the same area  or  any   comparable  area;  and  notwithstanding  the provisions of the emergency   tenant protection act of nineteen seventy-four, the rents shall be fully   subject to regulation under such act for a period of ten  years  or  for   the  period  such  act  is  in  effect  in the municipality in which the   building is situate, whichever is shorter, at the  expiration  of  which   such  rent  shall  be  deregulated,  unless  immediately  prior  to such   expiration such rents would have been regulated by the provisions of any   law other than pursuant to this section, in which event such rents shall   continue subject to such regulation to the same extent and in  the  same   manner  as  if  this  section had never applied thereto.  Any additional   taxes levied against the building as a result of the  phase-out  of  the   exemption  provided  by  this section may be charged by the owner to the   tenants on an equitable basis without seeking the approval of the  local   rent  guidelines board.   For the purposes of this section, construction   shall be deemed commenced when excavation has begun in good faith on the   basis of approved construction plans.3.  Application forms for exemption under this section shall be  filed   with the assessor between February first and March fifteenth, and, based   on  the  certification of the local rent guidelines board, the assessors   shall certify to the collecting  officer  the  amount  of  taxes  to  be   abated.    No such application shall be accepted by the assessors unless   accompanied  by  a  certificate  of  the  local  rent  guidelines  board   certifying  the  applicant's  eligibility pursuant to subdivision one of   this section.   Requests to  these  local  rent  guidelines  boards  for   certification shall be accompanied by a ten-year projection of the rents    based   on  current  levels  of  operating  costs  and  showing  to  the   satisfaction of such board a  relative  stability  of  rents  over  such   period  reflecting to the extent that this is practicable, and averaging   of  the  tax  benefits  of this section in the interests of the tenants.   The state division of housing and community renewal may promulgate rules   and regulations to  carry  out  the  provisions  of  this  section,  not   inconsistent with the provisions hereof.