NY Real Prop Tax L § 489-BBBBB (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-BBBBB - Real Property Tax Exemption.

§  489-bbbbb.  Real  property tax exemption.   1. Within the mixed-use   construction exemption area specified in subdivision twelve  of  section   489-aaaaa  of  this  title, the following benefits shall be available to   qualified recipients:  A recipient who, following the effective date  of   a  certificate  of  eligibility,  has performed residential construction   work or both residential construction work and  commercial  construction   work  on mixed-use property shall be eligible for an exemption from real   property taxes as follows: For the first eight tax years, the  recipient   shall be exempt from taxation on one hundred per centum of the exemption   base. During the ninth year, the recipient shall be exempt from taxation   on  eighty  per centum of the exemption base; during the tenth year, the   recipient shall be exempt from taxation  on  sixty  per  centum  of  the   exemption  base; during the eleventh year, the recipient shall be exempt   from taxation on forty per centum of the exemption base; and during  the   twelfth  year, the recipient shall be exempt from taxation on twenty per   centum of the exemption base.The following table shall illustrate the computation of the  exemption   pursuant to this subdivision:    Tax year following effective   date of certificate of   eligibility:                        Amount of exemption: 1 through 8                  100% of exemption base9                            80% of exemption base10                            60% of exemption base11                            40% of exemption base12                            20% of exemption base 2.  Notwithstanding  subdivision  one of this section, a recipient who   has  performed  residential  construction  work  or   both   residential   construction work and commercial construction work on mixed-use property   that,  in  accordance  with  procedures  set  forth  in  local  law, was   designated as a landmark before the  date  by  which  the  recipient  is   required  to complete the minimum required expenditure shall be eligible   for an exemption from real property taxes as follows: For the first nine   tax years, the recipient shall be exempt from taxation  on  one  hundred   per  centum  of the exemption base. During the tenth year, the recipient   shall be exempt from taxation on eighty  per  centum  of  the  exemption   base;  during  the  eleventh  year,  the  recipient shall be exempt from   taxation on sixty per centum of the exemption base; during  the  twelfth   year, the recipient shall be exempt from taxation on forty per centum of   the  exemption base; and during the thirteenth year, the recipient shall   be exempt from taxation on twenty per centum of the exemption base.The following table shall illustrate the computation of the  exemption   pursuant to this subdivision:    Tax year following effective   date of certificate of   eligibility:                        Amount of exemption: 1 through 9                  100% of exemption base10                             80% of exemption base11                             60% of exemption base12                             40% of exemption base13                             20% of exemption base