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

§ 489-gggg. Conversion of property. 1. Any recipient whose property is the subject of a certificate of eligibility for commercial or renovation construction  work,  and  who,  prior  to  the expiration of the benefit period, uses such property as industrial  property,  shall  continue  to receive  benefits  for commercial or renovation construction work as the case may be.   2. Any recipient whose property is the subject  of  a  certificate  of eligibility  for  industrial  construction  work,  and who, prior to the expiration of the benefit  period,  uses  such  property  as  commercial property,  shall cease to be eligible for further exemption or abatement for industrial construction work as of  the  last  date  to  which  such recipient proves by clear and convincing evidence that such property was used  as  industrial property, and shall pay with interest any taxes for which an exemption or abatement was  claimed  after  such  date,  except that:  (a)  a  recipient  of  a  certificate  of  eligibility  for industrial construction work in a  special  exemption  area  who  would  have  been eligible   to  receive  a  certificate  of  eligibility  for  commercial construction work at the time such recipient applied for benefits  shall continue to receive an exemption for industrial construction; and  (b)  a  recipient  of  a  certificate  of  eligibility  for industrial construction work in a  regular  exemption  area  who  would  have  been eligible   to  receive  a  certificate  of  eligibility  for  commercial construction work at the time such recipient applied for benefits shall, commencing with the  date  of  conversion  to  commercial  property  and continuing  until  the  expiration  of the benefit period for commercial construction work, receive any exemption which such recipient would have received in the corresponding tax year  pursuant  to  a  certificate  of eligibility for commercial construction work; and  (c)  a  recipient  of  a  certificate  of  eligibility  for industrial construction work in any area of the city on  whose  property  at  least sixty-five  per centum of the net square footage continues to be used or held out for  use  for  manufacturing  activities  after  conversion  to commercial  property, shall not be required to pay the pro rata share of tax for which an exemption was claimed during the tax year in which such conversion occurred.   3. Except as  provided  in  subdivision  four  of  this  section,  any recipient  whose property is the subject of a certificate of eligibility for commercial, industrial or renovation construction work, and who uses such property as residential property or  for  any  restricted  activity prior  to  the  expiration  of  the  benefit  period,  shall cease to be eligible for further exemption, abatement or deferral  as  of  the  date such  property  was  first  used  as  residential  property  or  for any restricted activity. In the  case  of  property  in  an  area  that  was designated  as  an  exemption  area  at  the  time  the  certificate  of eligibility was issued, such recipient shall pay with interest any taxes for which an exemption was claimed after such date,  including  the  pro rata  share  of  tax  for which any exemption was claimed during the tax year in which such use occurred. In the  case  of  industrial  property, such  recipient shall pay with interest any taxes for which an exemption or abatement was claimed after such date, including the pro  rata  share of  tax  for which any exemption or abatement was claimed during the tax year in which such use occurred. In the case of property in an area that was designated as a  deferral  area  at  the  time  the  certificate  of eligibility  was issued, all deferred tax payments on the property shall become due and payable immediately.   4. Notwithstanding subdivision three of this  section,  any  recipient whose  property  is  the  subject  of  a  certificate of eligibility for  commercial or renovation construction work with  an  effective  date  of July  first, nineteen hundred ninety-two or after, and who, prior to the expiration of the benefit period, uses a portion  of  such  property  as residential  property,  shall cease to be eligible for further exemption for commercial or renovation construction work for that portion of  such property used as residential property as of the date such portion of the property  was  first  used as residential property. Such recipient shall pay, with interest, any taxes for which an exemption was  claimed  after such  date  attributable  to  that  portion  of  the  property  used  as residential property, including the pro rata share of tax for which such exemption was claimed during the tax year in which  such  use  occurred. Such  recipient shall continue to receive an exemption for commercial or renovation construction work for that  portion  of  the  property  which continues to be used as commercial property.