NY Real Prop Tax L § 489-EEEEE (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2-E - Tax Exemption for Certain Construction Work on Mixed-Use Property in Cities Having a Population of One Million or More 489-EEEEE - Reporting Requirement; Termination of Benefits.

§  489-eeeee. Reporting requirement; termination of benefits.  1. Upon   approval of the department  of  buildings  of  the  plans  submitted  in   connection  with  the  building permit and any amendments to such plans,   the recipient shall file with the  department  of  finance  a  narrative   description   of   such   approved   plans  describing  the  residential   construction work or combination of residential  construction  work  and   commercial  construction  work  for  which  the recipient seeks benefits   pursuant to this title.2. For the duration of the benefit period, the  recipient  shall  file   annually with the department of finance, on or before the taxable status   date,  a  certificate  of continuing use. Such certificate of continuing   use shall be on a form prescribed by  the  department  of  finance.  The   department   of  finance  shall  have  the  authority  to  require  such   information as it deems necessary to enable it to determine whether  the   recipient  has  established  continuing  eligibility  for  benefits. The   department of finance shall have the  authority  to  terminate  benefits   pursuant  to  this  title  upon  failure  of  the recipient to file such   certificate by the taxable status date. The burden of proof shall be  on   the  recipient  to establish continuing eligibility for benefits and the   department  of  finance  shall  have  the  authority  to  require   that   statements made in such certificate shall be made under oath.3.  A  recipient  shall file an amendment to the latest certificate of   continuing use prior to (a) converting square  footage  within  property   which   is  the  subject  of  a  certificate  of  eligibility  from  the   residential  and  commercial  uses  described  in  such  certificate  of   continuing  use  where such conversion results in twenty-five per centum   or less of the aggregate floor area being used or held out  for  use  as   commercial, community facility or accessory use space; or (b) converting   any  portion  of  property  which  is  the  subject  of a certificate of   eligibility to use for any restricted activity.4. Not later than eighteen  months  after  the  effective  date  of  a   certificate  of  eligibility,  with  an  effective  date  of July first,   nineteen hundred ninety-five  or  after,  the  recipient  shall  present   evidence  to  the department of finance demonstrating that the recipient   has made one-half the  minimum  required  expenditure.  Not  later  than   thirty-six  months  after  the  effective date of such certificate, such   recipient shall present evidence to such department  demonstrating  that   the  recipient  has made the minimum required expenditure. Such evidence   shall be presented in the form and manner prescribed by such department.   The burden of proof shall be on the  recipient  to  show  by  clear  and   convincing evidence that the required expenditures have been made.