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

§  489-ddd.  Real  property  tax  exemption.  1.  A  real property tax exemption pursuant to this title shall be granted to an  applicant  who, within a period of thirty-six months, or following an extension pursuant to section four hundred eighty-nine-hhh of this title within a period of forty-eight  months,  from  the  date  of  issuance  of a certificate of eligibility  has  completed  reconstruction  or  construction  work   in accordance  with  the  plans approved by the board in the certificate of eligibility. The amount of the tax  exemption  shall  be  determined  as follows:  (a)  In  the  case  of  an  applicant  who  has  completed  industrial construction or reconstruction work, or commercial  reconstruction  work designated  as of right pursuant to section four hundred eighty-nine-ccc of this title or as specially needed pursuant to  section  four  hundred eighty-nine-eee  of  this  title,  the  tax exemption shall continue for nineteen tax years in an amount decreasing by five per centum each  year from  an  exemption  of ninety-five per centum of the exemption base, as defined in paragraph (d) of this subdivision.  (b) In the case of an applicant who  has  completed  other  commercial reconstruction  work,  or new commercial construction work designated as of right pursuant to section four hundred eighty-nine-ccc of this  title or  as specially needed pursuant to section four hundred eighty-nine-eee of this title, the tax exemption shall continue for ten tax years, in an amount decreasing by five per centum each  year  from  an  exemption  of fifty per centum of the exemption base.  (c) In the case of an applicant who has completed other new commercial construction work, the exemption shall continue for five tax years in an amount decreasing by ten per centum each year from an exemption of fifty per centum of the exemption base.  (d)  The  term  "exemption base" shall mean the difference between the final assessed value of the property as determined  upon  completion  of the  construction  or  reconstruction  work  and  the  lesser of (i) the assessed value of  the  property  at  the  time  an  application  for  a certificate  of  eligibility pursuant to this title is made, or (ii) the assessed value as may thereafter be reduced pursuant to  application  to the tax commission.   The tax exemption shall be computed according to the following tables:                CONSTRUCTION OR RECONSTRUCTION OF INDUSTRIAL              STRUCTURES OR RECONSTRUCTION OF AS OF RIGHT OR                  SPECIALLY NEEDED COMMERCIAL STRUCTURES        Year following                             Percentage of        completion of work                           exemption                1.                                      95                2.                                      90                3.                                      85                4.                                      80                5.                                      75                6.                                      70                7.                                      65                8.                                      60                9.                                      55               10.                                      50               11.                                      45               12.                                      40               13.                                      35               14.                                      30               15.                                      25               16.                                      20                17.                                      15               18.                                      10               19.                                       5               RECONSTRUCTION OF OTHER COMMERCIAL STRUCTURES                OR CONSTRUCTION OF AS OF RIGHT OR SPECIALLY                       NEEDED COMMERCIAL STRUCTURES        Year following                             Percentage of        completion of work                           exemption                1.                                      50                2.                                      45                3.                                      40                4.                                      35                5.                                      30                6.                                      25                7.                                      20                8.                                      15                9.                                      10               10.                                       5              CONSTRUCTION OF OTHER NEW COMMERCIAL STRUCTURES        Year following                             Percentage of        completion of work                           exemption                1.                                      50                2.                                      40                3.                                      30                4.                                      20                5.                                      10    2.  The  taxes  payable  during  the  period  from  the  issuance of a certificate of eligibility to the approval of the tax exemption pursuant to section four hundred eighty-nine-fff of this title shall be  paid  on the lesser of:  (a)  the assessed value of the property at the time an application for a certificate of eligibility pursuant to this title is made, or (b)  the assessed  value  as may thereafter be reduced pursuant to application to the  tax  commission,  provided,  however,  that  if  reconstruction  or construction  is  not completed in accordance with the plans approved in the certificate of eligibility including any amendments  thereto,  taxes shall be due and payable retroactively as otherwise required by law.   3.  In  all  cases  where the board shall have issued a certificate of eligibility prior to January first,  nineteen  hundred  eighty-two,  the exemption  percentage  shall  apply  to  any  subsequent increase in the assessed valuation of the property during the tenure of  the  exemption. Where  the  board  has  issued  a certificate of eligibility on or after January first, nineteen hundred  eighty-two,  the  exemption  percentage shall  apply to any subsequent increase in the assessed valuation of the property during the first two years after approval of the tax  exemption pursuant   to  section  four  hundred  eighty-nine-fff  of  this  title. Commencing two years after approval of the  tax  exemption  pursuant  to section  four  hundred  eighty-nine-fff  of  this  title,  the exemption percentage shall apply to any subsequent increase in assessed  valuation of  the property only to the extent such increase is attributable to the construction or reconstruction  work  approved  in  the  certificate  of eligibility.   4.  The  provisions  of  this title shall not apply to any increase in assessed value resulting from the construction or  reconstruction  of  a residential  structure  on any property receiving an exemption under the provisions of this title. The  provisions  of  this  title  shall  apply  exclusively to those structures and the lands underlying them which were identified explicitly in the certificate of eligibility.   5.  The  provisions  of  this  title  shall  not  apply  if any new or rehabilitated construction displaces or replaces a building or buildings containing more than twenty-five occupied dwelling units in existence on the date an application for certificate of eligibility is submitted  for preliminary approval pursuant to section four hundred eighty-nine-eee of this  title,  which  are  administered under the local emergency housing rent control  act,  the  rent  stabilization  law  of  nineteen  hundred sixty-nine   or   the   emergency  tenant  protection  act  of  nineteen seventy-four, unless a certificate of eviction has been issued  for  any of the displaced or replaced units pursuant to the powers granted by the city rent and rehabilitation law.   6.  The  provisions  of this title shall not apply to an applicant who has commenced construction or reconstruction work prior to the  granting of  a certificate of eligibility except where applicant, having filed an application for a certificate of eligibility receives written permission to commence from the board or its designated representative prior to the granting  of  a  certificate  of  eligibility.  Demolition  of  existing structures, site preparation limited to grading, filling or clearing, or the  curing  of  a  safety  or sanitary hazard shall not be deemed to be commencement of construction or reconstruction work.   7. Any property enjoying the benefits of a tax exemption  approved  by the  board  shall  be  ineligible  for  any subsequent or additional tax exemption pursuant to the provisions of this title until the  expiration of  the original exemption period or earlier termination of the existing exemption by action of the tax commission.