NY Real Prop Tax L § 499-BBBB (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 4-C - Solar Electric Generating System and Electric Energy Storage Equipment Tax Abatement for Certain Properties in a City of One Million or More Persons 499-BBBB - Real Property Tax Abatement.

§  499-bbbb.  Real  property tax abatement. An eligible building shall receive an abatement of real property taxes as provided  in  this  title and the rules promulgated hereunder.   1. The amount of such tax abatement shall be as follows:  (a) if the solar electric generating system is placed in service on or after  the  effective  date  of this title and before January first, two thousand eleven, for  each  year  of  the  compliance  period  such  tax abatement  shall be the lesser of (i) eight and three-fourths percent of eligible solar electric generating system expenditures, (ii) the  amount of  taxes  payable  in  such  tax year, or (iii) sixty-two thousand five hundred dollars; or  (b) if the solar electric generating system is placed in service on or after January first, two thousand eleven, and before January first,  two thousand  thirteen,  for  each  year  of  the compliance period such tax abatement shall be the lesser of (i)  five  percent  of  eligible  solar electric  generating  system  expenditures,  (ii)  the  amount  of taxes payable in such tax year,  or  (iii)  sixty-two  thousand  five  hundred dollars; or  (c) if the solar electric generating system is placed in service on or after  January  first,  two thousand thirteen, and before January first, two thousand fourteen, for each year of the compliance period  such  tax abatement  shall  be  the  lesser  of (i) two and five-tenths percent of eligible solar electric generating system expenditures, (ii) the  amount of  taxes  payable  in  such  tax year, or (iii) sixty-two thousand five hundred dollars; or  (d) if the solar electric generating system is placed in service on or after January first, two thousand fourteen, and  before  January  first, two  thousand  twenty-four,  for each year of the compliance period such tax abatement shall be the lesser of (i) five percent of eligible  solar electric  generating  system  expenditures,  (ii)  the  amount  of taxes payable in such tax year,  or  (iii)  sixty-two  thousand  five  hundred dollars; or  (e)  if  electric  energy storage equipment is placed in service on or after January first, two thousand nineteen, and  before  January  first, two  thousand  twenty-four,  for each year of the compliance period such tax abatement shall be  the  lesser  of  (i)  ten  percent  of  eligible electric energy storage equipment expenditures, (ii) the amount of taxes payable  in  such  tax  year,  or  (iii) sixty-two thousand five hundred dollars.   2. Such tax abatement shall  commence  on  July  first  following  the approval of an application for tax abatement by a designated agency, and may not be carried over to any subsequent tax year.   3.  With respect to any eligible building held in the condominium form of ownership that receives a tax abatement pursuant to this title,  such tax abatement benefits shall be apportioned among all of the condominium tax lots within such eligible building.   4.  If,  as  a  result of application to the tax commission or a court order or action by the department  of  finance,  the  billable  assessed value for any fiscal year in which the tax abatement is taken is reduced after the assessment roll becomes final, the department of finance shall recalculate the abatement so that the abatement granted shall not exceed the  annual  tax  liability  as  so  reduced.  The  amount  equal to the difference between the abatement originally granted and the abatement as so recalculated shall be deducted from any refund otherwise  payable  or remission  otherwise  due  as  a  result  of  such reduction in billable assessed value.