2023 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.