2023 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-EEEEE - Reporting Requirement; Termination of Benefits.

§  489-eeeee. Reporting requirement; termination of benefits.  1. Upon
  approval of the department  of  buildings  of  the  plans  submitted  in
  connection  with  the  building permit and any amendments to such plans,
  the recipient shall file with the  department  of  finance  a  narrative
  description   of   such   approved   plans  describing  the  residential
  construction work or combination of residential  construction  work  and
  commercial  construction  work  for  which  the recipient seeks benefits
  pursuant to this title.
2. For the duration of the benefit period, the  recipient  shall  file
  annually with the department of finance, on or before the taxable status
  date,  a  certificate  of continuing use. Such certificate of continuing
  use shall be on a form prescribed by  the  department  of  finance.  The
  department   of  finance  shall  have  the  authority  to  require  such
  information as it deems necessary to enable it to determine whether  the
  recipient  has  established  continuing  eligibility  for  benefits. The
  department of finance shall have the  authority  to  terminate  benefits
  pursuant  to  this  title  upon  failure  of  the recipient to file such
  certificate by the taxable status date. The burden of proof shall be  on
  the  recipient  to establish continuing eligibility for benefits and the
  department  of  finance  shall  have  the  authority  to  require   that
  statements made in such certificate shall be made under oath.
3.  A  recipient  shall file an amendment to the latest certificate of
  continuing use prior to (a) converting square  footage  within  property
  which   is  the  subject  of  a  certificate  of  eligibility  from  the
  residential  and  commercial  uses  described  in  such  certificate  of
  continuing  use  where such conversion results in twenty-five per centum
  or less of the aggregate floor area being used or held out  for  use  as
  commercial, community facility or accessory use space; or (b) converting
  any  portion  of  property  which  is  the  subject  of a certificate of
  eligibility to use for any restricted activity.
4. Not later than eighteen  months  after  the  effective  date  of  a
  certificate  of  eligibility,  with  an  effective  date  of July first,
  nineteen hundred ninety-five  or  after,  the  recipient  shall  present
  evidence  to  the department of finance demonstrating that the recipient
  has made one-half the  minimum  required  expenditure.  Not  later  than
  thirty-six  months  after  the  effective date of such certificate, such
  recipient shall present evidence to such department  demonstrating  that
  the  recipient  has made the minimum required expenditure. Such evidence
  shall be presented in the form and manner prescribed by such department.
  The burden of proof shall be on the  recipient  to  show  by  clear  and
  convincing evidence that the required expenditures have been made.