NY Real Prop Tax L § 489-BBBBBB (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2-F - Abatement of Tax Payments for Certain Industrial and Commercial Properties in a City of One Million or More Persons 489-BBBBBB - Power to Enact Local Law; Industrial and Commercial Real Property Tax Abatement.

§ 489-bbbbbb. Power to enact local law; industrial and commercial real property tax abatement. 1. Authority to enact local law. Any city having a   population  of  one  million  or  more,  acting  through  its  local legislative  body,  is  authorized  and  empowered  to  determine   that incentives in the form of abatement of real property taxes are necessary to  encourage  industrial and commercial development in such city and to enact a local law providing that such benefits shall be provided in  the manner set forth in this title.   2. Amount of abatement base. (a) Calculation of abatement base. Except as  provided  in paragraph (e) of subdivision three of this section, the abatement base used to determine the amount of  the  abatement  provided under this title shall be the amount by which the post-completion tax on a  building  or  structure  exceeds  one  hundred fifteen percent of the initial tax levied on a building or structure.  (b) Initial tax on building or structure. (i) Determination of initial tax. The initial tax  shall  be  determined  by  multiplying  the  final taxable  assessed  value, without regard to any exemptions, shown on the assessment roll with a taxable status  date  immediately  preceding  the issuance  of  the  first  building  permit  by the initial tax rate. For purposes of this subdivision, the initial tax rate shall  be  the  final tax  rate  applicable  to the assessment roll with a taxable status date immediately preceding the issuance of the first building permit.  If  no permit  was  required, the initial tax and the initial tax rate shall be determined based on the assessment  roll  with  a  taxable  status  date immediately preceding the commencement of construction.  (ii)  Effect  of tax lot apportionment or merger. For a property as to which an applicant has applied for benefits pursuant to this  title,  if such  property is apportioned or merged and such apportionment or merger is not reflected in the assessment roll described in subparagraph (i) of this paragraph, the initial tax for the newly created tax  lot  or  lots shall  be  based  on  the initial tax of the lot or lots from which they have been created, which shall be apportioned among  the  newly  created tax lot or lots in the manner established by the department for purposes of assessed valuation of real property.  (c)  Post-completion  tax  on  building  or structure. For purposes of calculating  the  abatement  base  only,  the  post-completion  tax   is determined  by  multiplying  the  initial  tax rate by the final taxable assessed value, without regard to any exemptions, that would be shown on the assessment roll but for the abatement, on the assessment roll with a taxable status date immediately following the earlier of:  (i) completion of construction; or  (ii) four years from the  date  of  issuance  of  the  first  building permit, or if no permit was required, the commencement of construction.  (d)  (i)  If  the  taxable  assessed value is later reduced by a court order or application to the tax commission, then the initial tax or  the post-completion tax shall be the tax as reduced.  (ii)  The  taxable  assessed  value  used for the calculations in this subdivision shall be the lower of the actual and transitional  value  as provided  in  subdivision three of section eighteen hundred five of this chapter.  (e) Mixed-use property. For a mixed-use property, the initial tax  and post-completion  tax  shall  be  apportioned between the residential and nonresidential  portions.  The  department  may  promulgate   rules   to determine the method of apportionment.  (f)  Initial  taxes not to be reduced by abatement. Except as provided in paragraph (e) of subdivision three of  this  section,  the  abatement provided  under  this  title  shall not be applicable in any year of the benefit period to the initial tax or to the tax on the  portion  of  the  assessment  attributable  to land. Additionally, the abatement shall not result in any credit or refund of real property taxes.   3.  Industrial and commercial abatements. (a) Abatement for commercial construction  work.  Upon  approval  by  the  department  of   a   final application  for  benefits,  an  applicant  who has performed commercial construction work outside of a special  commercial  abatement  area,  as designated   pursuant   to  subdivision  two  of  section  four  hundred eighty-nine-gggggg of this title, or a renovation area,  as  defined  by subdivision  three  of  section  four hundred eighty-nine-gggggg of this title, shall be eligible for an abatement of  real  property  taxes,  as follows:  (i)  Amount of abatement. The first year of the abatement shall be the tax year with the first taxable status date that follows the  sooner  of (A)  completion  of  construction;  or  (B) four years from the date the first building permit was issued, or if  no  permit  was  required,  the commencement   of  construction.  For  years  one  through  eleven,  the abatement shall be the amount of the abatement base.  For  years  twelve through  fifteen,  the  abatement  shall decrease by twenty percent each year. The following table illustrates the abatement computation: Tax year during benefit period:        Amount of abatement:   Years 1 through 11                  100% of abatement base        12                              80% of abatement base        13                              60% of abatement base        14                              40% of abatement base        15                              20% of abatement base  (ii) Minimum required expenditure. For commercial  construction  work, the  minimum  required  expenditure  is thirty percent of the property's taxable assessed value in the  tax  year  with  a  taxable  status  date immediately  preceding  the issuance of the first building permit, or if no permit was required, the commencement of  construction.  Expenditures for  residential  construction  work or construction work on portions of property to be used for restricted activities shall not be  included  in the minimum required expenditure.  (b)   Abatement   for   industrial  construction  work  or  commercial construction work in special commercial  abatement  areas  on  buildings where not more than ten percent of the building or structure is used for retail  purposes. Upon approval by the department of a final application for benefits, an applicant who  has  performed  industrial  construction work  in  any  area,  where not more than ten percent of the building or structure on which such work has  been  performed  is  used  for  retail purposes,  or  commercial  construction  work  in  a  special commercial abatement area, as designated pursuant to  subdivision  two  of  section four  hundred  eighty-nine-gggggg of this title, where not more than ten percent of the building  or  structure  on  which  such  work  has  been performed  is  used  for  retail  purposes,  shall  be  eligible  for an abatement of real property taxes, as follows:  (i) Amount of abatement. The first year of the abatement shall be  the tax  year  with the first taxable status date that follows the sooner of (A) completion of construction; or (B) four  years  from  the  date  the first  building  permit  was  issued,  or if no permit was required, the commencement  of  construction.  For  years  one  through  sixteen,  the abatement shall be the amount of the abatement base. The abatement shall be adjusted for inflation protection as provided in subparagraph (ii) of this  paragraph.  For years seventeen through twenty-five, the abatement shall decrease by ten percent each year. The following table illustrates the abatement computation: Tax year during benefit period:       Amount of abatement:   Years 1 through 16                  100% of abatement base         17                              90% of abatement base        18                              80% of abatement base        19                              70% of abatement base        20                              60% of abatement base        21                              50% of abatement base        22                              40% of abatement base        23                              30% of abatement base        24                              20% of abatement base        25                              10% of abatement base  (ii)  Inflation  protection.  (A)  Industrial  construction  work. (I) Effect of assessed valuation increases. For years two  through  thirteen of  the  benefit period, except as provided in item (II) of this clause, if there is any increase in tax  in  that  year  that  is  based  on  an increase  of  taxable assessed valuation since the immediately prior tax year, such excess tax liability shall be added  to  the  amount  of  the abatement base.  Such addition to the amount of the abatement base shall be determined using the initial tax rate.  (II) Physical increases. Notwithstanding the provisions of item (I) of this  clause,  if  in  any  of years two through thirteen of the benefit period, a physical change to the property results in an increase in  the taxable  assessed  value  of  the property of more than five percent for that year, then any increase in taxes for that year shall not  be  added to the amount of the abatement base in any year.  (III)  If  the  taxable assessed value upon which an adjustment to the abatement under this paragraph is based is  later  reduced  by  a  court order  or  application  to  the  tax  commission,  then  the appropriate adjustment to the abatement base shall be made in  accordance  with  the reduced taxable assessed value.  (B) Commercial construction work in special commercial abatement areas on  buildings  where  not  more  than  ten  percent  of  the building or structure is used for retail purposes. (I) Effect of assessed  valuation increases.  For years two through thirteen of the benefit period, except as provided in item (II) of this clause, if there is any increase in tax in that year that is based on an increase of taxable assessed  valuation since  the  immediately  prior  tax year that exceeds five percent, such excess tax liability shall be added to the amount of the abatement base. Such addition to the amount of the abatement base  shall  be  determined using the initial tax rate.  (II) Physical increases. Notwithstanding the provisions of item (I) of this  clause,  if  in  any  of years two through thirteen of the benefit period, a physical change to the property results in an increase in  the taxable  assessed  value  of  the property of more than five percent for that year, then any increase in taxes for that year shall not  be  added to the amount of the abatement base in any year.  (III)  If  the  taxable assessed value upon which an adjustment to the abatement under this paragraph is based is  later  reduced  by  a  court order  or  application  to  the  tax  commission,  then  the appropriate adjustment to the abatement base shall be made in  accordance  with  the reduced taxable assessed value.  (C)  Mixed-use property. For a property as to which benefits are given for  both  industrial  and  commercial   construction,   the   inflation protection  provided  under  this  subparagraph  shall  be  based on the predominant use of the property as determined by the department.  (iii) Minimum required expenditure. For industrial  construction  work or  commercial construction work in a special commercial abatement area, the minimum required expenditure is thirty  percent  of  the  property's taxable  assessed  value  in  the  tax  year  with a taxable status date immediately preceding the issuance of the first building permit,  or  if  no  permit  was required, the commencement of construction. Expenditures for residential construction work or construction work  on  portions  of property  to  be used for restricted activities shall not be included in the minimum required expenditure.  (b-1)  Abatement  for  industrial construction work on a peaking unit. Upon approval by the department of a final application for benefits,  an applicant  who has performed industrial construction work in any area on a peaking unit, shall be eligible for  an  abatement  of  real  property taxes, as follows:  (i)  Amount of abatement. The first year of the abatement shall be the tax year with the first taxable status date that follows the  sooner  of (A)  completion  of  construction;  or  (B) four years from the date the first building permit was issued, or if  no  permit  was  required,  the commencement  of  construction.  For  years  one  through  fifteen,  the abatement shall be the amount of the abatement base. The abatement shall be adjusted for inflation protection as provided in subparagraph (ii) of this  paragraph.  The  following   table   illustrates   the   abatement computation: Tax year during benefit period:         Amount of abatement: Years 1 through 15                      100% of abatement base  (ii) Inflation protection. (A) Industrial construction work, effect of assessed  valuation  increases.  For  years  two through thirteen of the benefit period, except as provided in clause (B) of  this  subparagraph, if  there  is  any  increase  in  tax  in  that year that is based on an increase of taxable assessed valuation since the immediately  prior  tax year,  such  excess  tax  liability  shall be added to the amount of the abatement base. Such addition to the amount of the abatement base  shall be determined using the initial tax rate.  (B)  Physical  increases. Notwithstanding the provisions of clause (A) of this subparagraph, if in any of years two  through  thirteen  of  the benefit period, a physical change to the property results in an increase in  the taxable assessed value of the property of more than five percent for that year, then any increase in taxes for that  year  shall  not  be added to the amount of the abatement base in any year.  (C)  If  the  taxable  assessed  value upon which an adjustment to the abatement under this paragraph is based is  later  reduced  by  a  court order  or  application  to  the  tax  commission,  then  the appropriate adjustment to the abatement base shall be made in  accordance  with  the reduced taxable assessed value.  (iii)  Minimum  required expenditure. For industrial construction work on a peaking unit, the minimum required expenditure is thirty percent of the property's taxable assessed value in the tax  year  with  a  taxable status  date  immediately  preceding  the issuance of the first building permit, or if no permit was required, the commencement of  construction. Expenditures  for  residential construction work or construction work on portions of property to be used for restricted activities shall  not  be included in the minimum required expenditure.  (c)   Abatement   for   industrial  construction  work  or  commercial construction work in special commercial  abatement  areas  on  buildings where  more  than  ten  percent of the building or structure is used for retail purposes. Upon approval by the department of a final  application for  benefits,  an  applicant  who has performed industrial construction work in any area, where  more  than  ten  percent  of  the  building  or structure  on  which  such  work  has  been performed is used for retail purposes, or  commercial  construction  work  in  a  special  commercial abatement  area,  as  designated  pursuant to subdivision two of section four hundred eighty-nine-gggggg of  this  title,  where  more  than  ten percent  of  the  building  or  structure  on  which  such work has been  performed is  used  for  retail  purposes,  shall  be  eligible  for  an abatement  of  real  property  taxes  on  the non-retail portion of such building or structure  and  up  to  ten  percent  of  such  building  or structure  used for retail purposes, in accordance with paragraph (b) of this subdivision, and  shall  be  eligible  for  an  abatement  of  real property  taxes  on  the  remaining  retail  portion of such building or structure, as follows:  (i) Amount of abatement. The first year of the abatement shall be  the tax  year  with the first taxable status date that follows the sooner of (A) completion of construction; or (B) four  years  from  the  date  the first  building  permit  was  issued,  or if no permit was required, the commencement  of  construction.  For  years  one  through  eleven,   the abatement  shall  be  the amount of the abatement base. For years twelve through fifteen, the abatement shall decrease  by  twenty  percent  each year.  The  abatement  shall  be  adjusted  for  inflation protection as provided in subparagraph (ii) of this  paragraph.  The  following  table illustrates the abatement computation: Tax year during benefit period:       Amount of abatement:   Years 1 through 11                  100% of abatement base        12                              80% of abatement base        13                              60% of abatement base        14                              40% of abatement base        15                              20% of abatement base  (ii)  Inflation  protection.  (A)  Industrial  construction  work. (I) Effect of assessed valuation increases. For years two  through  thirteen of  the  benefit period, except as provided in item (II) of this clause, if there is any increase in tax  in  that  year  that  is  based  on  an increase  of  taxable assessed valuation since the immediately prior tax year, such excess tax liability shall be added  to  the  amount  of  the abatement  base.   Such addition to the amount of the abatement shall be determined using the initial tax rate.  (II) Physical increases. Notwithstanding the provisions of item (I) of this clause, if in any of years two  through  thirteen  of  the  benefit period,  a physical change to the property results in an increase in the taxable assessed value of the property of more  than  five  percent  for that  year,  then any increase in taxes for that year shall not be added to the amount of the abatement base in any year.  (III) If the taxable assessed value upon which an  adjustment  to  the abatement  under  this  paragraph  is  based is later reduced by a court order or  application  to  the  tax  commission,  then  the  appropriate adjustment  to  the  abatement base shall be made in accordance with the reduced taxable assessed value.  (B) Commercial construction work in special commercial abatement areas on buildings where more than ten percent of the building or structure is used for retail purposes. (I) Effect of  assessed  valuation  increases. For years two through thirteen of the benefit period, except as provided in  item  (II)  of  this clause, if there is any increase in tax in that year that is based on an increase of taxable  assessed  valuation  since the  immediately  prior  tax year that exceeds five percent, such excess tax liability shall be added to the amount of the abatement  base.  Such addition  to  the amount of the abatement base shall be determined using the initial tax rate.  (II) Physical increases. Notwithstanding the provisions of item (I) of this clause, if in any of years two  through  thirteen  of  the  benefit period,  a physical change to the property results in an increase in the taxable assessed value of the property of more  than  five  percent  for that  year,  then any increase in taxes for that year shall not be added to the amount of the abatement base in any year.  (III) If the taxable assessed value upon which an  adjustment  to  the abatement  under  this  paragraph  is  based is later reduced by a court order or  application  to  the  tax  commission,  then  the  appropriate adjustment  to  the  abatement base shall be made in accordance with the reduced taxable assessed value.  (C)  Mixed-use property. For a property as to which benefits are given for  both  industrial  and  commercial   construction,   the   inflation protection  provided  under  this  subparagraph  shall  be  based on the predominant use of the property as determined by the department.  (iii) Minimum required expenditure. For industrial  construction  work or  commercial construction work in a special commercial abatement area, the minimum required expenditure is thirty  percent  of  the  property's taxable  assessed  value  in  the  tax  year  with a taxable status date immediately preceding the issuance of the first building permit,  or  if no  permit  was required, the commencement of construction. Expenditures for residential construction work or construction work  on  portions  of property  to  be used for restricted activities shall not be included in the minimum required expenditure.  (d) Abatement for renovation construction work  in  renovation  areas. Subject  to the provisions of subparagraph (iii) of this paragraph, upon approval by the department of  a  final  application  for  benefits,  an applicant who has performed renovation construction work in a renovation area,   as   defined  by  subdivision  three  of  section  four  hundred eighty-nine-gggggg of this title, shall be eligible for an abatement  of real property taxes, as follows:  (i)   Amount  of  abatement.  For  the  renovation  areas  defined  in paragraphs (a) and (b) of subdivision  three  of  section  four  hundred eighty-nine-gggggg  of this title, the first year of the abatement shall be the tax year with the first taxable  status  date  that  follows  the sooner  of  (A)  completion  of construction; or (B) four years from the date the first building permit was issued, or if no permit was required, the commencement of construction.  For  years  one  through  eight,  the abatement  shall  be  the  amount  of the abatement base. For years nine through twelve, the abatement shall  decrease  by  twenty  percent  each year. The following table illustrates the abatement computation: Tax year during benefit period:       Amount of abatement:   Years 1 through 8                   100% of abatement base         9                              80% of abatement base        10                              60% of abatement base        11                              40% of abatement base        12                              20% of abatement base  (ii) Amount of abatement. For the renovation area defined in paragraph (c)  of  subdivision three of section four hundred eighty-nine-gggggg of this title, the first year of the abatement shall be the tax  year  with the  first taxable status date that follows the sooner of (A) completion of construction; or (B) four years from  the  date  the  first  building permit  was  issued,  or  if no permit was required, the commencement of construction. For years one through five, the  abatement  shall  be  the amount  of the abatement base. For years six through nine, the abatement shall decrease by twenty percent each year. In year ten,  the  abatement shall  be  twenty  percent  of  the  abatement base. The following table illustrates the abatement computation: Tax year during benefit period:       Amount of abatement:   Years 1 through 5                   100% of abatement base         6                              80% of abatement base         7                              60% of abatement base         8                              40% of abatement base         9                              20% of abatement base         10                              20% of abatement base  (iii)  If  more  than  five  percent of any building or structure upon which renovation construction work  is  performed  is  used  for  retail purposes,  no abatement shall be granted for the retail portions of such building or structure in excess of five percent,  but  five  percent  of such  building  or  structure used for retail purposes shall be eligible for an abatement of real property taxes in accordance with  subparagraph (i)  or  subparagraph  (ii)  of this paragraph, as applicable; provided, however, that notwithstanding any other provision  of  this  title,  any building  or  structure  located  in  the  renovation  area  defined  in paragraph  (a)  of   subdivision   three   of   section   four   hundred eighty-nine-gggggg  of  this title shall be eligible for an abatement in accordance with subparagraph (i) of this  paragraph  regardless  of  the amount of the building or structure used for retail purposes.  (iv) Minimum required expenditure. For renovation construction work in renovation  areas, the minimum required expenditure is thirty percent of the property's taxable assessed value in the tax  year  with  a  taxable status  date  immediately  preceding  the issuance of the first building permit, or if no permit was required, the commencement of  construction. Expenditures  for  construction  work  on portions of the property to be used for retail purposes that exceed five percent  of  the  building  or structure  in  renovation  areas  defined  in  paragraphs (b) and (c) of subdivision three of section four  hundred  eighty-nine-gggggg  of  this title,  for  residential  construction work, or for construction work on portions of the property to be used for restricted activities, shall not be included in the minimum required expenditure.  (e) Additional industrial abatement. In addition to the abatement  for industrial   construction   work  provided  in  paragraph  (b)  of  this subdivision, an applicant who performs industrial construction work that meets the eligibility requirements set forth  in  this  title  shall  be eligible  for an additional abatement, calculated as a percentage of the initial tax, as follows:  (i) Amount of abatement. The first year of the abatement shall be  the tax  year  with the first taxable status date that follows the sooner of (A) completion of construction; or (B) four  years  from  the  date  the first  building  permit  was  issued,  or if no permit was required, the commencement of construction. The amount of  the  additional  industrial abatement shall be as follows: Tax year during benefit period:       Amount of additional abatement:   1 through 4                          50% of the initial tax amount        5                               40% of the initial tax amount        6                               40% of the initial tax amount        7                               30% of the initial tax amount        8                               30% of the initial tax amount        9                               20% of the initial tax amount       10                               20% of the initial tax amount       11                               10% of the initial tax amount       12                               10% of the initial tax amount  (ii)  Minimum  required  expenditure.  For  the  additional industrial abatement, the minimum required expenditure  is  forty  percent  of  the property's  taxable assessed value in the tax year with a taxable status date immediately preceding the issuance of the first building permit, or if  no  permit  was  required,   the   commencement   of   construction. Expenditures  for  residential construction work or construction work on portions of property to be used for restricted activities shall  not  be included in the minimum required expenditure.  (f)  Abatement for commercial construction work on new construction in certain areas of the borough of  Manhattan.  Notwithstanding  any  other  provision of law, upon approval by the department of a final application for  benefits,  an  applicant  who has performed commercial construction work on a new  building  or  structure,  in  the  geographical  area  as specified  in subparagraph (iv) of this paragraph, shall be eligible for an abatement of real property taxes, as follows:  (i) Amount of abatement. The first year of the abatement shall be  the tax  year  with the first taxable status date that follows the sooner of (A) completion of construction; or (B) four  years  from  the  date  the first  building  permit  was  issued,  or if no permit was required, the commencement of construction. For years one through four, the  abatement shall be the amount of the abatement base. For years five through eight, the  abatement shall decrease by twenty percent each year. The following table illustrates the abatement computation: Tax year during benefit period:       Amount of abatement:   Years 1 through 4                   100% of abatement base         5                              80% of abatement base         6                              60% of abatement base         7                              40% of abatement base         8                              20% of abatement base  (ii) Minimum required expenditure. The minimum required expenditure is thirty percent of the property's taxable assessed value in the tax  year with  a  taxable  status  date immediately preceding the issuance of the first building permit, or if no permit was required, the commencement of construction.  Expenditures  for  residential   construction   work   or construction  work  on  portions  of  property to be used for restricted activities shall not be included in the minimum required expenditure.  (iii) Special  eligibility  requirements.  Notwithstanding  any  other provision  of  this title, no benefits shall be granted pursuant to this paragraph unless the building or structure  meets  the  requirements  of clauses (A) and (B) of this subparagraph, and further meets at least two of  the  requirements  set  forth  in  clauses  (C)  through (G) of this subparagraph:  (A) The height of at  least  forty  percent  of  the  floors  in  such building  or  structure  shall be not less than twelve feet, nine inches measured from the top of the slab comprising the floor to the bottom  of the slab comprising the ceiling;  (B)  Such  building  or  structure  shall  be  served  by  fiber-optic telecommunications wiring and shall contain  vertical  penetrations  for the  distribution  of  fiber optic cabling to individual tenants on each floor;  (C) The total square footage of such building or structure is not less than five hundred thousand gross square feet;  (D) A minimum of two hundred thousand gross square feet or twenty-five per centum of such building or structure is comprised of floors  of  not less than forty thousand gross square feet;  (E)  At  least  ten  per  centum  of  the gross square footage of such building or structure is comprised of floors that contain no  more  than eight  structural  columns,  excluding any columns within the core or on the periphery of such building or structure;  (F) The electrical capacity of such building or structure is not  less than six watts per net square foot;  (G)  Emergency  backup  power  sufficient to accommodate a need of six watts per net square foot is available in at least two hundred  thousand gross  square  feet  or  twenty-five  per  centum  of  such  building or structure.  (iv) Geographical area.  Abatements  will  only  be  granted  for  new construction   work   pursuant   to  this  paragraph  in  the  following geographical area: 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 line 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, except the  area  in  the  borough of Manhattan bounded by Church Street on the east starting at the intersection of Liberty Street and  Church  Street; running  northerly  along  the  center  line  of  Church  Street  to the intersection of Church Street and Vesey Street; running  westerly  along the  center line of Vesey Street to the intersection of Vesey Street and West Broadway; running northerly along the center line of West  Broadway to  the  intersection  of  West  Broadway  and  Barclay  Street; running westerly along the center line of Barclay Street to the intersection  of Barclay Street and Washington Street; running southerly along the center line  of  Washington Street to the intersection of Washington Street and Vesey Street; running westerly along the center line of Vesey Street  to the  intersection  of  Vesey  Street  and West Street; running southerly along the center line of West Street to the intersection of West  Street and  Liberty  Street;  and  running  easterly  along  the center line of Liberty Street to the intersection of Liberty Street and Church Street.   4. Limitations on abatement. (a) Subsequent abatement. With respect to any property that has received or is receiving abatement benefits  under this  title,  an  applicant shall not file a preliminary application for new abatement benefits under this title for an  additional  construction project  on the same portion of the property for which construction work is the subject of abatement benefits under this  title  until  at  least four  years  have  elapsed  since the first day of the first tax year of such abatement benefits under the prior abatement,  and,  in  the  event that  such  new  benefits  are  granted,  then notwithstanding any other provision of this title or any other law, the initial tax for  any  such new  abatement  will be determined without regard to the prior abatement and any other abatement or exemption granted to the property.  (b) Abatement benefits granted under this title shall not in any  year exceed the real property taxes imposed on such property.  (c)  Once  an abatement is granted, no additional benefits pursuant to this title shall be granted for construction work that is  substantively a  part  of  eligible  construction  work  for  which benefits have been approved or granted.  (d) No benefits shall be granted for residential construction work.  (e) Any parcel partly located in an excluded area shall be  deemed  to be entirely located in such area.  (f)  Where  a  tax  lot contains multiple structures or buildings with eligible and non-eligible uses, the initial  tax  shall  be  apportioned under   rules   promulgated   by  the  commissioner  and  only  the  tax attributable to the eligible portion of the property shall be abated.  (g) (i) No benefits under this title may be  received  by  a  property that  is  concurrently receiving exemption or abatement of real property taxes under any other law, except for an  exemption  under  (A)  section four   hundred   twenty-a,   four   hundred  twenty-b  or  four  hundred fifty-nine-b of this chapter; or (B) any section of this chapter  as  to which  a  city  that  has enacted a local law pursuant to this title has  also enacted a local law to implement such exemption  and  as  to  which exemption  is  granted  only  if  the  property  is the primary or legal residence of one or more of the owners of the property,  including  such sections  in  which  exemption may be granted if an owner is absent from the residence while receiving medical benefits; or (C)  title  two-D  of this  article  for  a  separate  project involving separate parts of the building or structure that was completed prior to  the  application  for benefits.  (ii)  For  purposes  of  this  paragraph,  "property"  means  the real property contained by an individual tax lot.  (iii) Notwithstanding subparagraph (ii) of  this  paragraph,  where  a property  is  owned in condominium form, and an application for benefits under this title includes more than one tax lot in the same condominium, then for purposes of this paragraph, "property" shall include any or all such tax lots that are included in the application.