NY Real Prop Tax L § 489-AAAAA (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-AAAAA - Definitions.

§ 489-aaaaa. Definitions.  When used in this title:1.  "Aggregate  floor  area"  means  the sum of the gross areas of the   several floors of a building or structure, measured  from  the  exterior   faces of exterior walls or from the center lines of walls separating two   buildings or structures.2.  "Applicant"  means any person obligated to pay real property taxes   on the property for which an exemption from real  property  taxes  under   this title is sought or in the case of exempt property, the record owner   or lessee thereof.3.  "Approved  plans"  means  plans  submitted  to and approved by the   department of buildings  in  connection  with  an  applicant's  building   permit,  including  any  amendments  to  such  plans  approved  by  such   department before final inspection of the work for which such permit was   issued.4. "Benefit period" means the period  of  time  when  a  recipient  is   eligible to receive benefits pursuant to this title.5.  "Certificate  of  eligibility"  means  the  document issued by the   department of finance pursuant to section four hundred eighty-nine-ddddd   of this title.6.   "Commercial   construction   work"   means   the   modernization,   rehabilitation,  expansion  or  other  improvement  of  the  portion  of   mixed-use property to be used for commercial purposes.7. "Commercial purpose or use" means the buying, selling or  otherwise   providing  of  goods  or  services,  including  hotel services, or other   lawful  business  or  commercial  activities  permitted   in   mixed-use   property.8.  "Exemption  base."  For  the  purpose  of  computing the exemption   pursuant to  section  four  hundred  eighty-nine-bbbbb  of  this  title,   "exemption  base"  shall  mean:  (a) for the first through fifth taxable   years following the effective date of a certificate of eligibility,  the   assessed  value  of  improvements  made since the effective date of such   certificate  which   are   attributable   exclusively   to   residential   construction  work or a combination of residential construction work and   commercial construction work described in approved plans;  and  (b)  for   all other years, the assessed value of such improvements which have been   made  before  the sixth taxable status date following the effective date   of such certificate.9. "Initial assessed value"  means  the  lesser  of  (a)  the  taxable   assessed  value  of  real  property appearing on the books of the annual   record of the assessed valuation of real property on the effective  date   of a recipient's certificate of eligibility or (b) the assessed value to   which  such  assessment is thereafter reduced pursuant to application to   the tax commission or court order.10. "Minimum required expenditure" means expenditure  for  residential   construction  work or a combination of residential construction work and   commercial construction work in an amount equal to twenty per centum  of   the initial assessed value; provided, however, that if the department of   finance,  after  consultation  with  the  deputy  mayor  for finance and   economic development, determines that a greater expenditure is  required   to  encourage  significant  development  of  mixed-use  property, it may   establish by rule a higher percentage of initial assessed value, not  to   exceed fifty per centum thereof, as the minimum required expenditure.11.  "Mixed-use  property"  means  property on which will exist, after   completion  of  residential  construction  work  or  a  combination   of   residential  construction  work  and  commercial  construction  work,  a   building or structure used for both residential and commercial purposes,   provided that after completion of  such  construction  work,  more  than   twenty-five  per  centum of the aggregate floor area of such building or    structure is used or held out for use as commercial, community  facility   or accessory use space.12.  "Mixed-use  construction exemption area" means any area of a city   having a population of one million or more persons, in which, subject to   the applicable law governing zoning in such city, mixed-use property  is   permitted,  provided,  however, that in the city of New York, subject to   the applicable law governing zoning in such city, mixed-use construction   exemption area shall mean: the area in the borough of Manhattan  bounded   by  Murray  Street  on  the  north  starting at the intersection of West   Street and Murray Street; running easterly  along  the  center  line  of   Murray Street; connecting through City Hall Park with the center line of   Frankfort  Street  and  running  easterly  along  the  center  lines  of   Frankfort and Dover Streets to the  intersection  of  Dover  Street  and   South Street; running southerly along the center line of South Street to   Peter  Minuit Plaza; connecting through Peter Minuit Plaza to the center   line of State Street and running northwesterly along the center line  of   State  Street  to  the  intersection  of State Street and Battery Place;   running  westerly  along  the  center  line  of  Battery  Place  to  the   intersection  of  Battery  Place  and West Street; and running northerly   along the center line of West Street to the intersection of West  Street   and Murray Street.13.  "Person"  means  an  individual,  corporation,  limited liability   company, partnership, association, agency,  trust,  estate,  foreign  or   domestic government or subdivision thereof, or other entity.14.   "Recipient"   means  an  applicant  to  whom  a  certificate  of   eligibility has been issued pursuant to this title, or the successor  in   interest of such applicant, provided that where a person who has entered   into  a  lease  or purchase agreement with the owner or lessee of exempt   property has been a  co-applicant,  such  person  or  the  successor  in   interest of such person shall be the recipient.15. "Residential construction work" means the creation, modernization,   rehabilitation,  expansion or other improvement of dwelling units, other   than dwelling units in a hotel, in the portion of mixed-use property  to   be used for residential purposes.16.  "Restricted  activity" means any entertainment activity which the   department of finance has identified in rules as an activity  which,  in   the  public  interest,  should not be encouraged through the benefits of   this title.