2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 4-C - Solar Electric Generating System and Electric Energy Storage Equipment Tax Abatement for Certain Properties in a City of One Million or More Persons › 499-BBBB - Real Property Tax Abatement.

§  499-bbbb.  Real  property tax abatement. An eligible building shall
receive an abatement of real property taxes as provided  in  this  title
and the rules promulgated hereunder.
1. The amount of such tax abatement shall be as follows:
(a) if the solar electric generating system is placed in service on or
after  the  effective  date  of this title and before January first, two
thousand eleven, for  each  year  of  the  compliance  period  such  tax
abatement  shall be the lesser of (i) eight and three-fourths percent of
eligible solar electric generating system expenditures, (ii) the  amount
of  taxes  payable  in  such  tax year, or (iii) sixty-two thousand five
hundred dollars; or
(b) if the solar electric generating system is placed in service on or
after January first, two thousand eleven, and before January first,  two
thousand  thirteen,  for  each  year  of  the compliance period such tax
abatement shall be the lesser of (i)  five  percent  of  eligible  solar
electric  generating  system  expenditures,  (ii)  the  amount  of taxes
payable in such tax year,  or  (iii)  sixty-two  thousand  five  hundred
dollars; or
(c) if the solar electric generating system is placed in service on or
after  January  first,  two thousand thirteen, and before January first,
two thousand fourteen, for each year of the compliance period  such  tax
abatement  shall  be  the  lesser  of (i) two and five-tenths percent of
eligible solar electric generating system expenditures, (ii) the  amount
of  taxes  payable  in  such  tax year, or (iii) sixty-two thousand five
hundred dollars; or
(d) if the solar electric generating system is placed in service on or
after January first, two thousand fourteen, and  before  January  first,
two  thousand  twenty-four,  for each year of the compliance period such
tax abatement shall be the lesser of (i) five percent of eligible  solar
electric  generating  system  expenditures,  (ii)  the  amount  of taxes
payable in such tax year,  or  (iii)  sixty-two  thousand  five  hundred
dollars; or
(e)  if  electric  energy storage equipment is placed in service on or
after January first, two thousand nineteen, and  before  January  first,
two  thousand  twenty-four,  for each year of the compliance period such
tax abatement shall be  the  lesser  of  (i)  ten  percent  of  eligible
electric energy storage equipment expenditures, (ii) the amount of taxes
payable  in  such  tax  year,  or  (iii) sixty-two thousand five hundred
dollars; or
(f) if the solar electric generating  system  and/or  electric  energy
storage  system  is  placed  in  service  on or after January first, two
thousand  twenty-four,  and   before   January   first,   two   thousand
thirty-five,  for  each year of the compliance period such tax abatement
shall be the lesser of (i) seven and one-half percent of eligible  solar
electric  generating  system  and/or energy storage system expenditures,
(ii) the amount of taxes payable in such tax year,  or  (iii)  sixty-two
thousand five hundred dollars.
2.  Such  tax  abatement  shall  commence  on July first following the
approval of an application for tax abatement by a designated agency, and
may not be carried over to any subsequent tax year.
3. With respect to any eligible building held in the condominium  form
of  ownership that receives a tax abatement pursuant to this title, such
tax abatement benefits shall be apportioned among all of the condominium
tax lots within such eligible building.
4. If, as a result of application to the tax  commission  or  a  court
order  or  action  by  the  department of finance, the billable assessed
value for any fiscal year in which the tax abatement is taken is reduced
after the assessment roll becomes final, the department of finance shall

recalculate the abatement so that the abatement granted shall not exceed
the annual tax  liability  as  so  reduced.  The  amount  equal  to  the
difference between the abatement originally granted and the abatement as
so  recalculated  shall be deducted from any refund otherwise payable or
remission otherwise due as  a  result  of  such  reduction  in  billable
assessed value.